Three major banks team up on Beem
(31 October 2017 – Australia) Three of the four major Australian banks have launched a joint venture mobile-based payment platform. Commonwealth Bank of Australia (CBA), Westpac and National Bank of Australia (NAB), who alongside Bendigo and Adelaide Bank have chosen not to offer Apple Pay to customer as yet, revealed that they are working together to build a new mobile wallet platform, called “Beem”.
The Beem app, designed for smartphones, will enable instant payments, regardless of which bank users are customers of. The app will also be able to let a user request payment from someone who owes them money or to split a bill.
In a joint statement, the banks said the app will be launched on iOS and Android, Apple’s and Google’s mobile platform respectively, and will be compatible across devices and different banks.
Beem has been designed with bank level security and encrypted user account information, with each authenticated and subject to real-time fraud monitoring.
“Beem will give small businesses a cost effective and easy way to collect payments instantly and on the go for their goods and services, without having to take the larger leap into using merchant credit facilities, or issuing invoices to be paid later,” Commonwealth Bank group executive of retail banking services, Matt Comyn, said.
Westpac chief executive, Consumer Bank, George Frazis, added, “We are committed to giving our customers more choice by supporting a range of convenient ways for them to pay and transfer their money.”
“Customers will soon be able to ‘Beem’ free payments instantly using any smartphone, regardless of who they bank with and without the need to add account details.”
CBA will conduct user testing of a Beem prototype, with the app to be available for download on iOS and Android smartphones later this year.
Beem will initially have a sending limit of $200 a day ($6,000 per month), with a monthly receiving limit of $10,000 as an initial risk control measure.
The platform will be available to all bank customers and small businesses that hold a global scheme debit card issued by an Australian Authorised Deposit-taking Institution (ADI).
The joint venture has been set up to be independently run, with a mandate to actively seek new participants to join the initial three participants.
According to the banks, future product initiatives beyond the payments facility are being planned, including digital wallet features and capabilities.
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