The Bancorp Bank ("Bancorp"), a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq: TBBK), is pleased to announce a new relationship between PayPal and Bancorp to provide P2P payment services to consumers via Bancorp's affinity relationships.
By utilizing PayPal's platform and technology, Bancorp will enable its affinity relationships with the ability to provide electronic P2P payments to their customers.
Pete Chiccino, Bancorp's Executive Vice President and Chief Innovations Officer, said, "We saw the market opportunity in P2P payment services and the benefits it could bring to our affinity customers and now we have the right partner. We're thrilled about our relationship with PayPal. PayPal shares our philosophy of putting a premium on services that are easy to use, flexible and secure."
"PayPal believes that innovation will drive success for the financial services industry and enjoys working with financial institutions like The Bancorp Bank that are always looking for great products and solutions to bring to their customers," said Dan Schatt, Head of Financial Innovations, PayPal.
P2P payments are just the first in a series of collaborations that PayPal and Bancorp will undertake in 2012. Bancorp will also offer its affinity relationships PayPal's Instant Account Creation and Account Funding with PayPal.
PayPal's Instant Account Creation is a new way to open a PayPal account directly from the Bancorp. Future PayPal purchases made by Bancorp customers could generate card acquiring volume for Bancorp. Bancorp marks the first U.S. integration of PayPal's Instant Account Creation. Account Funding with PayPal will allow Bancorp customers to apply their PayPal funding sources to their new Bancorp accounts.