Banco Sabadell's banking app becomes mobile to mobile cash payment system

Banco Sabadell, Spain's sixth largest bank by assets, has updated its m-banking app with 'Instant Money', a service that enables customers to withdraw cash from ATMs using their mobile telephones.

Banco Sabadell, Spain’s sixth largest bank by assets, has updated its m-banking app with ‘Instant Money’, a service that enables customers to withdraw cash from ATMs using their mobile telephones.

Customers request a code from the app which then allows them to withdraw the specified amount of cash from an ATM. Alternatively, they can send this code on to be used by someone else.

Pol Navarro, direct channels and innovation head, Banco Sabadell said: "With Instant Money, Banco Sabadell is reinforcing its position as a leader in the mobile banking segment. In fact, right from the start, we were the first bank to set up our own app and we also pioneered the launch of innovative services like Instant Check, which allows the customer to deposit a cheque after photographing it with a mobile phone camera."

Earlier in 2013 Banco Sabadell announced its acquisition of Lloyds’ two Spanish subsidiaries, Lloyds Bank International S.A.U and Lloyds Investment España SGIIC S.A.U.

Banco Sabadell previously acquired non-residential bank NatWest in Spain in 1996.

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