S1 Corp., which offers payment software for financial institutions, and PayPal Inc. have signed an agreement to develop and deploy payment solutions that will be integrated into online and mobile banking platforms.
S1's integration with PayPal will enable consumers to send funds to almost anyone with a mobile phone or email address by leveraging the PayPal network. PayPal, which has its headquarters in San Jose, Calif., enables money transfers over the Internet.
In order to send money, the sender needs only to log into an online or mobile banking site and enter the destination email address or mobile phone number and transfer the money. If the recipient is a PayPal user, the funds will be deposited into a verified account.
Ten financial institutions so far have signed up with PM Systems Corp., a subsidiary of Norcross, Ga.-based S1, to offer person-to-person payments powered by PayPal.
"We see person-to-person payments as a good opportunity to give our members added convenience and to differentiate our institutions in our markets," said Pete Paulson, CEO for Corporate America Family Credit Union in Elgin, Ill. "The integration with PayPal through S1 enables our credit union to meet our goals of providing 24/7 mobile payment services that meet our members' needs."
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S1, PayPal to develop payment solutions for mobile phones
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