E-wallet provider MiFinity is harnessing Open Banking capabilities to launch its new instant bank transfer service enabling customers to load funds into their MiFinity e-wallet in real time. 

The ‘MiFinity Instant Bank Transfer’ loads funds from a user’s bank account to their e-wallet via account-to-account transfers, making for a “convenient, secure and fast” transaction. 

MiFinity CEO, Paul Kavanagh, commented: “We’re excited to offer our customers the benefits of open banking with MiFinity Instant Bank Transfer. 

“It allows us to deliver an even better user experience, making it easier for our global customers to transfer funds quickly and securely wherever they are located. 

“The enhanced security and other opportunities that open banking presents will help us continue to deliver our best-in-class customer experience and provide MiFinity users with even more innovative services.”

This latest launch is the next step for MiFinity to enhance its ability to serve a “best-in-class” customer service. It seeks to allow a seamless transaction process for those who may not have the capabilities to do so, targeting customers within Europe. 

Instant Bank Transfer will be available for ‘multiple’ European customers and aims to reduce the dependency on traditional bank transfers which often cause friction, taking up to several business days for transfers to be complete. 

The instant transfer service is powered by Volt, a leading Open Banking payments provider which is installing its A2A payments solution to speed up MiFinity transfers in a more efficient and cost-effective way. 

Open Banking has proved to be pivotal within the UK over the past several years, enabling businesses to make almost instantaneous transactions to smoothen their onboarding and customer service. 

Thomas Pinter, SVP at Volt, added: “By plugging into Volt’s world-beating open banking network, MiFinity can offer its customers worldwide the same lightning-fast open banking payments experience. 

“We’re delighted to partner with MiFinity and support their vision to make payments simple, smart and secure – and now even faster.”