TechnoparkToday.com(oct, 2014): Social networks are supposed to connect people each other, create groups, discussions, sharing photos etc..but now the social networks are emerging as mini banking solutions – yes, in a recent development a france based bank made an agreement with social networking site twitter to transfer the fund via twitter platform.
In India, private sector lender Kotak Mahindra Bank (KMB) has launched a Facebook-based instant fund transfer service, which enable users to send money to friends on the social media network real-time, absolutely free.
At present, some lenders such as ICICI Bank allow fund transfers for their own account holders using Facebook.
How they are managing the security? how this entire process work? anyone please explain..or please include those details also in the post.