CPNI upgrades P2P payments system

Source: CPNI

Mobile commerce solution provider CPNI (CPNI) announced today a significant enhancement to their person-to-person payment offering PATsend.

In the latest release of the PAT (Phone Authorized TransferTM) solution set PATsend provides bank customers, whose bank does not yet offer the service, with the ability to receive P2P payments. This functionality supplies the highest possible level of convenience and options to the end user, while offering banks valuable customer acquisition opportunities.

The PATsend solution can be integrated with existing online web portals. CPNI solutions have the ability to use multiple identifiers and multiple channels such as a mobile phone, the web or an ATM, which supplies the flexibility required to provide financial institutions with a comprehensive P2P solution.

With the new capabilities, banks widen the number of potential customers as participants. Participating financial institutions can act as a conduit for the clientele of other banks, providing the opening to interface with new potential customers. Early adopting banks will have a substantial advantage in the race to attract and retain consumers in the growing mobile market. By providing for payments to recipients regardless of whether or not they have a bank account or whether or not their financial institution participates with the P2P service, the number of potential customers increases dramatically. The provision for ad hoc discovery of recipients is the key to promoting the viral growth of P2P payments.

Unregistered recipients need only claim once. Upon claiming for the first time, users can choose to become a registered recipient and discovered by all senders on the network. Consequent payments to them will be depositied directly into the the account they register with, even if their institution does not participate in the network.

The latest enhancements continue CPNI's commitment to convenience for the end user by providing options and flexibility to P2P recipients. To receive money, unregistered recipients simply need to either register their details in advance with a participating institution or when claiming at the time of the transfer.

Sending money is just as easy. Simply by entering the recipient's phone number, email address or social networking ID, bank customers can conveniently send money from their account domestically or internationally, using a mobile phone, the web or an ATM. This multi-ID ability of CPNI's P2P solution PATsend; offers consumers the highest possible level of mobility and convenience, while empowering banks to maximize the number of potential customers for the service.

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