CUs Offered Their Own P2P Solution
PASADENA, Calif. – Wescom Central CU said this morning its Wescom Resources Group has signed with PayPal to offer Person-2-Person payment services to credit unions.
The offering comes as banking giants Bank of America, Wells Fargo and JP Morgan Chase unveiled their own proprietary P2P system this morning allowing consumers to use smart phones or email to conduct their own money transfers, called clearXchange.
Wescom Resources has integrated the PayPal Send Money for Financial Institutions service into its MemberEdge Mobile Banking solution, which is available to credit unions nationwide.
With PayPal Send Money integrated into MemberEdge Mobile, end users can pay anyone, anywhere, with an email address or mobile number directly from their mobile banking application.
“We are very proud to be working with PayPal onP2P,” said Tim Dolan, president of Wescom Resources “They have a well-known, trusted brand in the P2P payments industry, and their adaptive API enabled us to leverage that into our product, for an end solution that is safe, simple, and ubiquitous. Credit unions that deploy this will delight their members and set themselves apart from competitors.”
”We are very excited to work with WRG and their member credit unions to enable P2P and universal money movement,” said Dan Schatt, general manager, financial innovations for PayPal. “WRG credit unions will be able to offer their users a truly valuable service – the ability to pay any consumer or business instantly in more than 60 countries where PayPal is accepted.”