Vivid Money enables users to send money without IBAN

August 24, 2020

Berlin, August 24, 2020 – Vivid money, the mobile financial platform for banking, saving and investing, today launches the new service Vivid Pay that enables customers to transfer money quickly, directly and easily. With Vivid Pay, users can send money even to people who do not have a Vivid account themselves, without having to enter long IBAN numbers. Whether it's spending money together on holidays, sharing the costs of a gift, or the last visit to a restaurant, Vivid customers only need the recipient's mobile phone number. A link is then generated in the Vivid app, which can be sent via Messengers such as WhatsApp, Facebook, or SMS.

The recipient then enters their own IBAN via the secure link. Alternatively, he or she can also open a Vivid account directly, including a €25 welcome bonus. The service works without a third payment or banking app and across banks via Vivid Money.

The new feature is very secure: once created, the link is active for 48 hours and can be deactivated at any time via the Vivid app. Besides, if the recipient becomes a new customer, the phone number is matched during the verification process of the new customer with the phone number used during link generation. If the payee does not become a new customer during the transfer, he/she must confirm the mobile phone number in addition to his/her own IBAN and name.

With Vivid Pay, Vivid customers benefit from a fast and secure transfer process - without the hassle of entering long IBANs. Vivid Pay is available free of charge to all Vivid Money customers throughout the eurozone.

Vivid Money has launched its services in Germany in June. The Berlin-based company aims to help people to make more of their money by combining the all-in-one mobile-first approach with a full-service package. Using the Vivid Money app, users can open an account for free in just a few minutes and manage their finances easily and intuitively via their smartphone. With their account comes a free metal Visa debit card for secure payments and cash withdrawals. In addition to a classic bank account, Vivid Money also offers numerous services that help customers to manage and grow their money securely and conveniently. These include cashback programs, sub-accounts in foreign currencies and, in the near future, investment products.

About Vivid Money
Vivid Money is the first financial service platform that combines all your daily money needs in one app. Whether it’s spending, saving, or investing – Vivid Money offers an easy, flexible, and transparent solution to grow your money. The company's mission is to provide customers throughout Europe with a superior banking and investment experience and to offer a wide range of financial services (including savings accounts, multi-currency accounts and stock exchange) without unnecessary fees. Vivid Money was founded in 2019 by Artem Yamanov and Alexander Emeshev in Berlin and consists of an international, highly qualified team of more than 130 employees. TCS Group Holding PLC, a leading provider of online financial and lifestyle services via its Tinkoff ecosystem, has agreed to become an anchor seed investor.

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