After several years of beta testing, the Irish payments processor Realex has launched its first personal banking product.

Realex Fire will let users lodge and withdraw funds, create a circle of people to pay, send and receive payments, operate multiple accounts and receive notifications on Facebook, the company said in a news release.

The company said Realex Fire is more than a bank account because:

• Accounts are opened online, and users can transfer funds from other bank accounts. Once the first account is opened, more accounts can be added, allowing better management of personal finances.
• Using email addresses or mobile numbers, users can invite people to their "circle" — the people they pay.
• Users can see who pays them and request payments for specific amounts.
• 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.

The company said a mobile app is in beta testing and will be available shortly.

"It's time for change, real change, in the way people and businesses pay and are paid," Realex Fire founder and CEO Colm Lyon said in the release. "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."

Realex Payments, with offices in Dublin, London and Paris, processes payments worth more than 20 billion euros annually, the company said, for more than 12,000 online retailers, brands such as Vodafone, Aer Lingus and Virgin Atlantic.

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