Turkish financial institution Isbank has launched Social Account, saying it is the first person-to-person money transfer service available in the country.
Users of Isbank's mobile banking app IsCep can make money transfers through the new Social Account feature on their mobile devices. Users can request money transfers to their designated accounts for various occasions, such as dinners, birthday parties, weddings from their families and friends, and also respond quickly to "organization" requests.
Users can set up organizations specific to money transfers for events or groups, allowing invitations to be sent to up to 50 people through a text message or push notification. A target date and target amount of funds can also be set up for those making P-to-P payments to through a created organization. Social Account allows users to add contacts from their contact lists to a Social Account directory feature.
Social Account P-to-P services are available to those using iOS or Android devices, the bank said in a Feb. 1 press release. Before enabling the service, the bank verifies the user agreement and links the specified accounts to the service.
As of last month, the bank reported more than 45,000 users of Social Account, with more than 4,000 organizations set up through the app feature.