Source: Technology Credit Union
Silicon Valley-based Technology Credit Union announced today that it will be the first financial institution in the country to enable real-time, person-to-person payments from its ATMs to almost anyone in the world with a mobile phone or e-mail address (over 60 countries worldwide), using a new payments service from NCR and PayPal. Tech CU plans to officially launch the service in early 2012.
"We're thrilled that Technology Credit Union is extending our peer-to-peer payment expertise to the ATM machine," said Dan Schatt, the general manager of Financial Innovations for PayPal. "With just a mobile phone number and a few taps on a Tech CU NCR SelfServ ATM, Tech CU customers will be able to make P2P money transfers quickly, easily and securely to anyone's PayPal account."
The process for transferring money person-to-person from a Tech CU ATM will be simple. A member will enter the recipient's contact information after signing-in on the ATM, choose an amount to transfer, and the money will then be immediately credited to the recipient's PayPal account. If the receiver does not have a PayPal account, he or she will need to create a PayPal account in order to receive the funds.
"ATMs, mobile phones and online banking are increasingly becoming the main channels our members use for their banking," said Tech CU President and CEO Barbara Kamm, "and we believe this innovative payment solution will spur more financial interactions through those channels. We plan to have this capability on all of our electronic platforms by early next year so that our members can choose the payment or transfer option that's most convenient for them."
Kamm went on to say that payments or transfers through the ATM channel complement several of Tech CU's banking products that are specifically targeted to the needs of high tech workers in Silicon Valley. One example is Tech CU's Global Members Program, which offers financial services to high tech workers who have recently come to the Bay Area and foreign nationals who have established residency or gained citizenship. "If a member needs to send money home to a family member, for example, this will make the process more convenient than ever," she explained.
Initiating a money transfer from an ATM provides members with a 24-hour/7-day-a-week vehicle for instantaneous payment, while maintaining the trust and security associated with ATM networks. In addition, person-to-person payments using the NCR/PayPal ATM solution could be a less expensive transaction than other non-PayPal money transfer options currently available.
"NCR SelfServ ATMs represent a unique opportunity for financial institutions to offer their members or customers a new service through a convenient and secure channel," added Michael O'Laughlin, senior vice president of NCR Financial Services. "We're pleased to help Tech Credit Union members initiate money transfers from their ATMs to recipients around the world simply, securely and affordably."