Bank of Ireland has launched a mobile banking app called The Irish People’s Bank that will allow users to open bank accounts with an SMS message, and to transfer money between accounts.

The bank, which is the fourth largest in Ireland, said it has received more than €1 billion from customers for its mobile app since it launched on Tuesday.

“As a small bank we are not looking to be the world’s leading bank, but we want to offer a simple and efficient way for customers to open their own bank account and transfer funds between accounts,” said Bofin Ireland chief executive Mike Ryan.

He said that the app would allow users who are not already banking to open an account and make money transfer from the app to their bank account.

“The new app enables users to transfer funds from one account to another without having to open another account, and from one bank account to the other.

We are excited to work with the banks to bring this to their customers in the coming months.”

The app is available on Android and Apple devices, and has been downloaded more than 4.5 million times since it was launched.

Ryan said that it was a “great idea” that was being taken forward in the same way as other new banking apps.

“We’ve been working with some of the leading banks in Ireland to make this easy and convenient for Irish customers,” he said.

“There are many other banking apps out there, but this is a very simple, straightforward and intuitive way for users to send money between banks.”

Bofin said that in the first six months of 2017, it had helped more than 6,000 Irish customers open bank and savings accounts, and that it has helped more customers transfer money to their accounts.

In total, Bof in Ireland has transferred more than £5.6 billion ($6.5 billion) in cash to customers since launching its mobile banking service.

In January, Bifin said it had raised £50 million ($72 million) from a private equity fund led by UK investment firm BlackRock to build out the app.