City National Bank of New Jersey (CNB) and PayToo Corp., announced today that they have formed a partnership that will launch a mobile wallet for banked and unbanked consumers.
Consumers will have the security of FDIC insurance and the convenience of a mobile wallet.
As part of the strategic alliance, CNB will provide PayToo with the ability to market their products and services nationally under the PayToo brand. Customers will be able to perform all of their banking; plus load their paycheck, top-up cell phones with 300 carriers, pay bills and transfer money person to person. Consumers will have access to the PayToo network of 200,000 locations, which includes cardless ATMs and multi-service centers utilizing biometrics known as PayToo Generation II Kiosks. They will also be able to withdraw money using CNB's network of 55,000 surcharge free ATMs.
Consumers who use high cost alternative financial services will be able to connect with family members through the mobile wallet and move money securely and affordably throughout the USA and around the world. "We are proud and happy to partner with City National Bank, we share a mutual vision to offer all consumers, regardless of whether they are banked or unbanked, a safe and affordable financial solution. This partnership marks a new chapter in the financial industry, and is the last piece of the puzzle to allow deployment of the PAYTOO mobile wallet nationwide," said Michel Poignant, CEO of PayToo Corp.
The benefits provided to consumers by collaborations between banks and financial technology firms, which bring innovation to the financial services industry, were outlined in a recent report by the Comptroller of the Currency. "The mobile wallet provides consumers a convenient and secure way to manage funds and make digital payments. Innovation in financial services is bring people better ways to manage their finances, we see our partnership with PayToo as the way banking will work in the future," said Preston D. Pinkett III, Chairman & CEO of City National Bank.