ELGIN, Ill.-Corporate America Family CU is one of the first credit unions to offer person-to-person payments through S1 Corp. and its PM Systems subsidiary's new deal with PayPal.
The PayPal service allows consumers and businesses to make easy, fast and secure payments directly from their credit union accounts to almost anyone with a mobile number or e-mail address around the globe.
P2P = Good Opportunity
"We see person-to-person payments as a good opportunity to give our members added convenience and to differentiate our institution in our markets," said Pete Paulson, CEO of the $530-million CU. "The integration with PayPal through S1 enables our credit union to meet our goals of providing 24x7 mobile payment services that meet our members' needs."
The integration with the PayPal solution allows consumers to quickly send money to almost anyone with a mobile phone or e-mail address. In order to send money, the sender needs only to log into online or mobile banking and enter the destination e-mail.
If the recipient is one of the 90 million PayPal users, the funds will be deposited instantly for verified accounts. If the recipient does not have a PayPal account, prompts lead them to create one. Credit unions can tailor pricing for this new offering to generate fee-based revenues.
