An innovative new app which lets users effortlessly divide a bill or expense in a seamless and cashless way launches today, after a successful round of funding.
SplitBill has been described as the first bill sharing application which uses open banking to instantly and securely settle transactions within an all-in-one payment platform, completely free of charge.
It is being launched in the UK to take advantage of its booming open banking service, allowing users to instantly and securely transfer funds, set up IOUs and split bills at the touch of a button.
The app can be registered with all major UK banks, including Barclays, HSBC, and Nationwide, as well as fintech providers, such as Revolut, Monzo and Starling.
Founded by entrepreneur Ronald Javier Baddouh Abbate, the app was developed to solve the time and logistical issues with splitting bills and payments between groups of people. It therefore enables you to be the ‘host’ and request funds from a ‘friend’, or vice versa, without the need to collect your friend’s bank details. The funds are then transferred from the bank account of the friend directly to the bank account of the host in real-time.
Abbate said: “SplitBill settles a key social problem which has remained unresolved for far too long. Real-time payments with credit and debit cards are generally quite slow and can be unsecure, taking days to process.
“Fortunately, financial technology and open banking has progressed to the point where we can now facilitate instant, secure and effortless payments between any sized group of people, saving time, and money for that one friend who always fronts the bill but never receives everyone else’s share.
“I consider SplitBill a ‘streaming payment solution’, as it will disrupt the finance processing sector, making people’s lives easier in the same way that streaming services such as Netflix or Spotify disrupted film and music consumption, for example.”
He added, “There’s a big future ahead of SplitBill, and we hope to also tackle C2B markets across Europe, by being the default streaming payment service for e-commerce, or any other ‘offline’ store, with a highly competitive processing fee, presenting merchants with a huge cost and time-saving advantage.”
