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CU among first to join S1-PayPal pact
NORCROSS, Ga. (12/17/10)--Corporate America Family CU is among the first credit unions to offer person-to-person payments through an S1-PayPal agreement. To date, 10 financial institutions have signed with PM Systems, a subsidiary of S1, to offer person-to-person payments through PayPal. The agreement allows consumers to send money to almost anyone with a mobile phone or e-mail address through the PayPal network. To send money, the sender logs into online or mobile banking, enters the destination e-mail address or mobile phone number, and transfers the money. If the recipient is one of the 90 million PayPal users, the funds will be deposited instantly for verified accounts. If recipients do not have a PayPal account, prompts lead them to create one. Financial institutions can tailor pricing for this new offering to generate fee-based revenues. “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 Corporate America Family CU, Elgin, Illinois. “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.” Corporate America Family CU is a $540 million-asset institution.


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