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PayPal type money transfer application comes to Facebook

STAFF (SOCIAL MEDIA PORTAL) - 12 November 2010

New funds transfer application called The Vault soon to come to Facebook

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The launch of a new peer-to-peer funds transfer application has been announced today.  Named ‘The Vault’, the Facebook application is designed to allow users to transfer money to others directly to their bank accounts.

Top Line Ventures, the “corporate owner” of The Vault say that the application will take advantage of the users relationship status, accessibility, data sharing and secure identifications to make sending and receiving money via the Facebook social networking platform is fast, safe and convenient.

Top Line Ventures’ chief executive officer Patrick Lee comments, “There is no question that the role of social media and network communities is here to stay.  Just like our ancestors from earlier millennia developed the means to exchange capital – we are supporting that very same demand with The Vault.  In all our research we know clearly that P2P, or person-to-person electronic transactions, are about to explode.  We just figured we would embed that capability and its inherent conveniences right where so many people are connecting, communicating, sharing and dialoging in the networked world.”

The application will leverage the same process as an online banking transaction, with the money deducted from one users account and available in the recipients account within three to five working days.  The recipient will be able to receive notification via email or to their Facebook wall.

Top Line Venture’s website states that the costs of using The Vault has been modeled off the costs of using an ATM, and that they are committed to keeping the fees “reasonable and affordable.”  The cost will be given to the user upfront prior to proceeding with the transaction, and is paid only by the sender.

The Vault will initially only be available to users within the United States, however it will be soon made available outside of the Facebook platform to social networks including MySpace and Orkut, and also on mobile major mobile operating systems iPhone, Blackberry and Android.   There are plans to roll The Vault out to other markets globally.

The Vault’s design is patent pending.

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