As mobile devices continue to change the way individuals can exchange information—and money—person-to-person (P2P) payments technology has quickly become a preferred channel for today’s banking customers. Such technology makes it easy for consumers to make payments from one to another; however, the functionality offered by many service providers can be tedious and take days to settle a simple transaction.
In an effort to further improve P2P payments, Computer Services, Inc. , a provider of end-to-end technology solutions that empower financial institutions to remain competitive, compliant and profitable, has introduced its Social Payments Instant Network (SPIN), which enables banks to provide customers with more direct P2P payment functionality through the company’s mobile and Internet banking applications.
Traditional P2P providers allow consumers to send payments to other consumers via Internet or mobile banking, but the process requires a series of steps and multi-day waiting periods for processing before the funds are available to the receiver. CSI’s SPIN eliminates the delay in availability for the receiver, allowing funds to clear in a matter of minutes. This not only means the consumer receives funds faster, but it also leads to a more satisfied banking customer overall.
“Some P2P payments providers require several steps and several days before funds are available to the receiver, which is not convenient enough to achieve mass adoption,” said Steve DuPerrieu, CSI’s director of product management. “Because of this, CSI focused its P2P offering on the receiver rather than the sender and designed a payments process that allows access to funds much faster than other providers in the industry.”
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