Singapore, 12 May 2014 – OCBC Bank has launched a micro-payment service, OCBC Pay Anyone, on its mobile banking app that enables its customers to transfer up to $100 within seconds to any bank account in Singapore – using just the recipient’s Facebook account, mobile number or email address. This is the first payment service by a bank in Singapore to allow funds transfers using Facebook.

The OCBC Pay Anyone service eliminates the need for anyone sending money to obtain the recipient’s bank account number, or to perform transaction signing using a security token. Instead, the sender simply banks using the familiar tools he utilises to interact with his friends: Mobile, email or – of course – Facebook. According to a study¹ conducted by Experian in 2011, Singaporeans leads the world in spending time on Facebook, with the average session lasting 38 minutes and 46 seconds. In 2013, market research firm GlobalWebIndex reported that 93% of internet users in Singapore have a Facebook account².

Today, to transfer funds via online or mobile banking, you must first add your recipient’s bank account details into your payment records. To do so, you must key in a One-Time Password that can only be generated by your security token. These additional steps are often considered cumbersome. Recipients may also not want – or be able – to share their bank account details if contacted at the point of the transaction.

With OCBC Pay Anyone, none of the above is necessary (see Annex A for a detailed step-by-step guide). Security is not compromised: The service adopts the security standards established by the banking industry in Singapore for online banking and funds transfer. It is the recipient – after being alerted via Facebook, mobile or email – who keys in his bank account details on a secure page hosted by OCBC Bank. He must also key in a 6-digit passcode provided by the sender. Only then is the money transferred – directly from the sender’s OCBC Bank account – using the new electronic interbank service, FAST (Fast and Secure Transfers).

Mr Pranav Seth, Head of E-Business and Business Transformation, OCBC Bank, said: "We are always looking at ways to make banking easier and more convenient for our customers. To achieve this, we need to make banking accessible on the platforms which they are using daily. Facebook, together with the mobile number and email address, are natural choices for us to bring banking to our customers."

"OCBC’s Pay Anyone is the first by a bank in Singapore to allow consumers to send money using only all these platforms. We have set the benchmark for others to follow if they are serious about being a customer-centric organisation. We will build on this and continue to work on developing other innovative but simple and easily accessible banking services," Mr Seth said.

On the convenience that OCBC Pay Anyone will bring to her, Ms Michelle Wan, a 31-year old civil servant, said: "My friends and I typically have to make funds transfers after our meals or movies. With this service, we can choose to send the money using our mobile numbers or Facebook without knowing each other’s bank account details. Furthermore, I will be able to know when my friends have paid me back without having to check my bank account statement."

¹ Experian global analysis reveals Singaporeans spend the most time on Facebook, 27 September 2011; http://press.experian.com/en/Singapore/Press Release.aspx

² GlobalWebIndex’s quarterly update of social media usage trends around the world, 10 September 2013; http://www.slideshare.net/globalwebindex/gwi-stream-social-q2-2013

Annex A – How to send money with OCBC Pay Anyone

1. Sender (OCBC Customer)
   1. Go to OCBC Mobile Banking app on iPhone or Android
   2. Tap on the "Pay Anyone" icon
   3. Tap on the "Send Money" icon
   4. Choose the friend that you wish to send the money to from your (i) Facebook contact list, (ii) phone book or (iii) email address book.
      1. Facebook contact list: If you wish to choose from your Facebook contact list, tap on the "Facebook" option, you will be prompted to log into your Facebook account first. Thereafter, choose the friend you wish to send money to.
      2. Phone book: If you wish to choose from your phone book, tap on the "mobile" option, your contacts from your phone book will appear. Thereafter, choose the friend you wish to send money to.
      3. Email address book: If you wish to choose from your email address book, tap on the "Email" option, your contacts from your email address book will appear. Thereafter, choose the friend you wish to send money to.
   5. Log in to the OCBC Mobile Banking App to choose the account you wish to send the money from.
   6. Key in the amount to be transferred and type an optional message for your friend (Daily limit of S$100 for all transactions done using the OCBC Pay Anyone service)
   7. Create a 6-digit passcode to be given to the recipient.
   8. Enter the 2FA One Time Password generated (SMS or hardware token) to send the notification (by Facebook post or SMS or email) to the recipient, depending on the channel chosen by the sender.
   9. Inform your friend of the 6-digit passcode
2. Recipient
   1. Receives notification from sender; the recipient has up to 24 hours to collect the money upon receiving the notification
      • If the sender had chosen a Facebook contact, the recipient will receive a notification via a post on his Facebook wall that is only visible to him and the sender.
      • If the sender had chosen a phone book contact, the recipient will receive a notification via a SMS to his mobile number.
      • If the sender had chosen an email address book contact, the recipient will receive a notification via an email to his email address.
   2. Click on unique URL to be directed to a secure page hosted by the bank where you have to key in the 6-digit passcode created by the sender. This passcode is to be used only for this transfer.
   3. Key in bank account details for money to be deposited into.
   4. Money will be transferred directly from the sender’s account to your account almost immediately via the new electronic interbank service - FAST (Fast and Secure Transfers).
   5. Sender will be notified via SMS and/ or email once the transfer has been completed, depending on his e-alerts notification settings of his online banking account.

Annex B – Fact Sheet on OCBC Mobile Banking

1.  % Year-on-Year growth (average) in the number of OCBC Mobile Banking users for the period of 2011 - 2013: 76%

2.  OCBC Bank’s many firsts in mobile banking in Singapore: