March 7, 2017

Real-time money transfer with Siirto – What’s in it for me?

Sami Uski

Advisor, Customer Experience in Financial Services, Tieto

Transferring cash immediately and through your mobile phone simplifies buying and selling goods, splitting bills and sending money to friends and family. Pretty obvious, right? Here’s where real-time payments through Siirto will make your life even better than that.

Eating out with friends and asking for the bill to be divided usually means plenty of cards needing to be swept. Booking tickets to an event and getting seats together requires one person to pay the entire cost. Splitting the gas bill on the way to a weekend at the summerhouse is a hassle, who has cash anymore?

Easy, secure and immediate money transfers through mobile phones using nothing but phone numbers solve these issues in a heartbeat. Tieto and Automatia have worked together to launch Siirto, a solution that makes it possible for banks to provide their customers with an app similar to Swedish Swish, but with more features. Mobile Pay does this well already, but now it’s possible to transfer money with an app that you most likely already use and is familiar to you.

Quick refunds and easy payments online and in a store

When browsing a web shop, you’ll add one item after the other into the basket. In the end, you pay for everything at once. When retailers choose to implement Siirto, it will enable new ways of integrate payments as a part of a buyers’ journey. While payments become fast and simple, web shops can allow customers to pay for one, or a few items at once, instead of collecting them all in a large basket which you empty at the end. 

It is unlikely that payments, in the future, always will be carried out at the end during check-out, by moving to a totally different user experience to enter data to execute a payment and then return to a web shop.

But imagine a long line of people at the register in a store and you jumping the queue by paying with your own device with Siirto. 

With Siirto, e-commerce retailers will also be able to refund money to consumers quicker that ever. Today, you have to fill in a form when you return products that you don’t want. If you forget to state your account number, you will be reminded by snail mail and it can take more than a week for you to get your money back. With Siirto, you could get your money back immediately. 

Real-time money transfer and the possibility to send requests

So what are the benefits in every day situations? I think all of us at some point have wanted to transfer money to our kids remotely. Whether it’s to reward them or getting them out of trouble. With Siirto, you can transfer money directly.

Another common situation is selling second hand goods using digital market places. Let’s say you put an add up, wanting to sell your used bicycle or even your car. You agree to let a potential buyer visit and view your bicycle or car. The buyer is satisfied and you strike a deal. Having enough cash is a problem and you would not want to give the item away unless you get the money first. With Siirto, the transfer is immediate and both parties can check their phones for a confirmation of the transfer.

Let’s get back to the restaurant I mentioned earlier. You’ve had a great night out with your friends and you took care of the bill, saying that you will split it later. Instead of sorting it out with cash, you use Siirto to send a request of a certain amount to those present. Either whilst at the restaurant or at some other time when it is convenient for you.

These are a few of the everyday situations where Siirto will make your life more comfortable, and even more features will be launched continually. Now it’s time to challenge the retailers and service providers in how to make payments invisible for the consumer. The future of payments is here. 

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