S1 Offering PayPal through CU Vendor Subsidiary
Eleven credit unions so far have signed up to deploy person-to-person payments from PayPal through their online and mobile banking sites from global e-commerce provider S1 Corp. of Atlanta.
The P2P deployment is part of a new agreement with PayPal of San Jose, Calif., to jointly develop payment solutions for use by financial institution users of S1's online and mobile banking platforms.
The 11 credit unions are clients of PM Systems, a Chapin, S.C., subsidiary of S1 that provides online banking, payment, security and other solutions to approximately 200 credit unions.
The new integration allows credit union members to log into their online or mobile banking solution and send money using a destination e-mail address or mobile phone number. Financial institutions can choose how much to charge for the service to generate fee-based revenues.