Forum Posts

donovanpg
May 18, 2022
In Questions & Answers
Fear not! Whilst the term ‘Open Banking’ may raise eyebrows to those new to it, it’s important for you to know that there are many, many steps taken by business like fumopay to ensure your transactions are secure and your data remains protected; it is actually far more secure than traditional payment solutions such as sharing bank data with friends of businesses. Let me explain…. Crucially, there are two key factors that should provide you with confidence. The first is that Open Banking - and any regulated organisation - must comply with a standard security protocol known as PSD2 (Payment Services Directive Two). This is a legislation that forces providers of payment services to improve customer authentication processes and bring in new regulations around third-party involvement. In short, this law defines how each organisation must put in place the security protocols to access banking systems and, in turn, tightens how customers can access payments or services. Part of PSD2 is Strong Customer Authentication (SCA), a two factor authentication protocol - which most customers will be familiar with - as they are promoted to one time passcodes (OPT) and an additional step to authenticate the person is truly that person. At fumo, the only person that can authorise a payment via their bank account is the person that can authenticate against their own personal banking app; a fumopay open banking based payment offers a great deal more security than traditional payment solutions such as sharing bank details / entering card data. Every fumopay payment is a direct account-to-account payment, meaning the money only moves from the payer to the payee. fumopay never accesses or holds customer’s funds when making social payments. fumo would only ever need to hold customer’s money on behalf of a merchant if the merchant was following a two-step authorise and settle process such as securing the money to ensure the customer can afford to pay for the item / service whilst the merchant has time to process and confirm they can complete the order.
How secure is fumopay? content media
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donovanpg
May 18, 2022
In General chat
As we all know, our world is constantly evolving, modernising and innovating, creating ways to make our day-to-day lives easier….. and banking is no exception. In 2018, ‘Open Banking’ was introduced in the UK, thanks to new legislation that simplifies payment transactions and protects your data. Open Banking allows only regulated organisations - such as fumopay - access to customer information & banking services that have historically only been accessible within your bank or between banking systems. By opening up such access in a secure manner, 3rd party organisations such as fumopay can accelerate innovation and build new services that take advantage of information & services to bring greater value to the banking customer. Banks have had the monopoly on mandating their services (and ever-rising fees) to customers for too long. Not only does Open Banking bring new competition directly to these banks, allowing fees to become more competitive, it also allows companies like fumopay to design solutions that can have a real impact on customers' daily lives. Whether you wish to consolidate all your bank accounts, savings and investment information in one app, or use open banking to pay faster and more securely using just your mobile device. With over 5 million (and counting) active users in the UK, Open Banking based applications and services are rapidly becoming commonplace in our society. The term ‘Open Banking’ is not a product or service, it’s a set of services working for you in the background, designed to bring efficiency, convenience, security and value to your daily lives.
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donovanpg
Apr 08, 2022
In General chat
Start Up Awards content media
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donovanpg
Mar 22, 2022
In General chat
For the first time in a couple of years, we are finally able to look forward to vacays / staycays, music festivals, picnics in the park, beer gardens, sporting events - and all the other fun stuff summer brings - and frankly, not a moment too soon. We’ve all been there, our desperation for, say, going on holiday, has motivated us to buy all the tickets for our friends to make sure that you all get in / are all sitting together etc. But then what? Our flakey mates ‘forget’ to pay us back / will pay us back when they get a job / get their paychecks etc etc – URGH we’ve heard all the excuses from the sublime to the ridiculous. Aggravating doesn’t even begin to cover it. Why should I be punished for my nice gesture in making sure we all enjoy this together?!?! fumo can not only save you money, it can also save your relationships with said flakey mates because, as aggravated as we might be, we’re still not up for having THAT awks conversation, so 9 times out of 10 we go out of pocket and accept a £5 cocktail in exchange for the £50 ticket…..we are British after all. So how can we, at fumo, help you deal with all this? Well, helping people with their ‘Social Money’ logistics is exactly why fumo exists, so let us take care of this for you. Creating a Group on fumo is super easy (see ‘how to’ video here ) This function breaks down the individual costs, splits all the bills and gives all parties transparency on the group transactions as a whole ie who owes what, how they will repay and when; in turn, taking away those awkward convos and allowing you to enjoy the moment without any resentment. So, go and enjoy the longer days, fun in the sun and hanging out with your mates, you deserve it after what has been a lengthy Covid jail sentence – we’ll take care of the financial logistics. Follow us here for all our latest updates
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donovanpg
Mar 04, 2022
In General chat
Calling all Clubs and Societies! Of course, we would all love our hobbies and favourite pastimes to become our jobs but no one wants our hobbies become a duty - aka a major drag….. Being part of a club / society at uni is fun, social and gives us some welcome head space from our studies, but spare a moment for the Treasurers of these groups who end up fronting the stress of managing all the associated finances - chasing every single member of the team for their individual share of subs, petrol, snacks etc… Our Treasurers are tasked with splitting the costs of endless expenses, having to have awkward convos around unpaid fees, chasing bank details and - more often than not - having to use their own money to meet payment deadlines….in short, being a treasurer can be a fairly thankless task. But don’t worry Treasurers! All is not in vain - fumo has your back. At fumo we aim to solve most of these issues via our app, which can either connect to the current Student Union system, or, if they don’t have a system in place, can work on its own. Forget card readers for club night subs, you can simply collect subs via the fumo app QR code. Not only is it 50% cheaper to collect money than taking card payments, all funds go directly into the chosen bank account for the club and all payments are instant, saving the Treasurer and / or society member being left out of pocket. Ultimately it’s the track /trace visability that really helps. By using the fumo app the Treasurers can create their group and sub groups, track all member payments via their device and can request payments, split fees and nudge any member that hasn't paid – all in one place. In short, fumo is a polite, non-intrusive approach to more efficiently managing the club / society financial logistics – finally! So no more Google Sheets or XLS files, it’s time to take control and free up your time. Whether you’re a club / society Treasurer or member, or just someone that wants to better your own personal money management, click {here} to download fumo and let us help you SHARE, TRACK AND MANAGE your group. For additional advice on all your student money matters, register here for our upcoming – and free – webinar on 22nd February in association with The Money Charity #borrow #pay #share #track #save #fumoit
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donovanpg

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