Apparently, Citibank's new iPad App comes with an unexpected feature: Users are paying their bills twice.
According to news reports from CNBC, a technical bug caused Citi to double the charge for customer payments. During the last few months of 2011, some customers using their iPads to pay their bills were charged two times.
Although the bank, which is trying to become the world's digital bank sees it as a relatively minor problem, it reveals a bigger issue seen with so many new payment applications there seems to be too little time to put in the proper controls for all the different systems.
It's a challenge for banks to keep up with the device proliferation everything is moving very fast, said a payments expert in the article. It is very important that financial institutions balance speed-to-market versus safety and soundness.
That is why enterprise-class payment processing is so essential to providing the nimbleness of new payment methods while protecting banks, consumers and companies from unintended features like the double pay, agreed a payments processing expert at US Dataworks.
What I found really interesting in the article is that so many people did not even notice that they had paid the bill twice, the expert said.
Source: CNBC, February 2012