Realex launch new kind of bank account

PolkaDot

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From here:
[broken link removed]

Realex Financial Services today launched a new kind of bank account that users to move cash around, create a circle of people to pay, and operate multiple accounts with no transaction charges.

The company has taken its Realex Fire personal account out of beta. With a mission to address some fundamental problems in the payments industry and to transform the way people and businesses pay and get paid. The company has been working on the product for several years.

Realex Fire is a new style of bank account, enabling users to lodge and withdraw funds, create a circle of people to pay, send and receive payments, operate multiple accounts and get notifications on Facebook. At a time when traditional banks are re-introducing transaction fees, the Realex Fire personal account is free of transaction charges.

The Realex Fire personal account is like a bank account but with more features.
Opening an account is completed online and users can transfer funds from other bank accounts. Once the first account is opened, more accounts can be added.
Using email addresses or mobile numbers, users can invite people to their "circle" - the people they pay.

Users may also view the people who pay them and request payments for specific amounts.

All Realex Fire payments are processed in real time, with no transaction fees for personal users.
By linking a Facebook profile to the account, users can receive private notifications when they get paid or receive a payment request.
A mobile app, giving users access anytime and place is currently being beta tested and will be available shortly.

Speaking on the announcement, Realex Fire Founder and CEO, Colm Lyon said: "It's time for change, real change, in the way people and businesses pay and are paid. We want to fundamentally transform the payments landscape and make payments safer, more accessible, social and less expensive to process. That is our mission. This is a significant milestone for us and marks a fundamental change in the payments landscape; as a regulated entity we have joined the banking networks so we can create the most complete and compelling payments products".
 
Interesting development........

I don't see how this is a new type of "bank account" though. Can you get paid into it from your work? Can you do direct debits, standing orders etc?

In my eyes its in the same market place as Paypal. Its a payments system only. Open to correction if I'm wrong on that. Similar to Paypal, I assume you can only pay people who also have a Fire account.

I'm not a fan of having anything banking related connected with Facebook accounts. Its too "dumbing down" for me, though Realex claim its more "social".....I'm not sure I like the idea of "social" banking!

Great to see an Irish company developing cutting edge stuff like this though.
 
This is a strange service, it is a person to person (or business) service just like PayPal but has it's own sort code and bank account number for loading (instead of paying to a general account with reference like PayPal) and is limited to people in your circle (not like PayPal).

Also it only accept payments to the loading account from an account in your name that is registered (to avoid third party loads).

There is a lot "At this time, we do not have the facility to.." on their FAQ.

Very strange service limited to paying users in your circle with funds you pre-load, so essentially you are improving Realex cash flow and I can't see any statement on the page who those funds are guaranteed (i.e. as a bank or emoney).
 
I've opened an account and did a transfer of €1 - when I get the €1 I'll probably transfer it back and never use it again. However if direct debits,standing orders appear and maybe even some kind of ATM card well then I'll have to re-consider.
 
Yeah, a lot of misleading reports that this is somehow a current account replacement service.

No debit cards.
No credit cards.
No ATM cards.
No standing orders.
No direct debits.
No cash services.
No way to do non-EUR transactions.
No interest earnt on your account.
No deposit insurance (that I can see).

I don't know why anyone would bother with this service.
 
Rubbish journalism as usual in Ireland surrounding this product. It's like the journalists have just reproduced the company's press release. It is simply not a current account and doesn't even appear to offer anything remotely new. Fine if they want to compete with PayPal (best of luck with that btw) but the papers shouldn't report that this is a new type of bank account. Lazy, lazy journalism,
 
Maybe the thread title should be modified to...... Realex launch new kind of "bank account" !!
 
This kinda reminds me of the games we used to get up to in order to land venture capital - get something out there not matter what, so you can go for the next round of funding...
 
The Realex Fire personal account is like a bank account but with more features.

What are the additional features?

Presumably it must have some features of use to some people?

Is it of use to people who are refused bank accounts by the banks?
 
What are the additional features?

Presumably it must have some features of use to some people?

Is it of use to people who are refused bank accounts by the banks?

You can't use this if you don't have a bank account, so it's not for people who are refused a bank account by the government controlled banks (or other's if there are such left).

Beside paying people in your realexfire circle there is NO other use, nothing, nada, this whole account at this point is a bogus with reports in the press being based on a bad pr notice from realex.

As Jim2007 says, this is great to make noise about Realex but otherwise nothing like the PR machines claims.
 
I concur with the criticisms of the poorly researched article on this in the SIndo.

What are the additional features?

An attempt at 'social network banking', there is the feature where you can pay friends who sign up to the service by seeing their profile. Joke, when you can pay anyone with a regular current account anyway.
 
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