Do you know your own bank account number or bank account numbers of your friends by heart? On the other hand, how many email addresses do you know or have in your contact list?
Most people cannot remember their own personal account number, but easily remember email addresses of their friends. An innovative service powered by PayPal and IND Group technology enables you to transfer money to any email address directly from your online or mobile banking platform - without the need for knowing the recipient's bank account number.
PayPal signed a partnership agreement with pan-European provider of online banking platform, IND Group, to offer PayPal money transfer functionalities to bank customers. The companies formed a joint strategy to introduce this standardized online and mobile banking offering in Europe, Middle East and CIS countries.
Email money transfer, powered by PayPal and integrated into IND Group's platform, is a quick and easy way for bank clients to send funds directly from their online or mobile bank. Without knowing the account number of the beneficiary, money transfer can be made by inputting the email address of the beneficiary - friends, relatives or even businesses.
The sender does not need to have a PayPal account - access to online banking and email addresses of the beneficiaries are the only requirements. The PayPal-powered IND app enables banks to offer person-to-person money transfer services without investing great effort in designing, developing and testing P2P transfer processes in their existing IT environment. By using the PayPal pre-integrated IND banking app, banks can start P2P services on a secured base, with low cost and a significantly smaller timeframe.
In addition to email money transfer, the IND app also includes other PayPal functionalities that can be easily integrated into online and mobile banking: creation of PayPal account, instant top-up of PayPal balance from your bank account and withdrawal of PayPal balance to your bank account.
"We're happy to bring together with our partners more simplicity and convenience to consumers. Our innovative service enables money transfer to any email address directly from customers' online or mobile banking platform. After the first successful implementation with IND Group and Alior Sync in Poland (Alior Bank's fully virtual bank), we hope to expand our platform in Europe. With 132 million active accounts in 193 markets, PayPal offers banking partners a unique opportunity to reach new consumers all over the world."
Ganna Yevtushenko Head of Business Development, PayPal CEE
"Our goal is simple: we want to offer more payment choices for customers, create better opportunities for engaging customers and solve problems to make their experience better. The success of the recent implementation of IND GroupPayPal money transfer with Alior Sync, one of the leading banks in Poland, is just a perfect proof of that."
Balázs Vinnai CEO of IND Group