Yahoo! has launched an own-brand online person-to-person payment solution, in cooperation with CIBC National Bank. The new service enables US-based Yahoo! consumers to request, receive, send and make payments over the Internet.
Yahoo! PayDirect enables individuals to electronically send and receive money via email by linking their credit cards, debit cards or bank accounts to an online PayDirect account.
Tim Brady, senior vice president, Network Services, Yahoo! says: "Our consumers have been asking for a way to pay one another online, whether for collecting payments for a shared ski house rental or settling up for an auction they've won. Yahoo! PayDirect offers a simple and secure online payment solution."
The system is tightly integrated into Yahoo! Auctions. CIBC National Bank has been contracted to provide the banking and fund transfer backing for the secure movement of consumer money through Yahoo! PayDirect.