The Bancorp Bank, a wholly owned subsidiary of The Bancorp, is entering an agreement with PayPal to provide P2P payments via Bancorp’s affinity relationships (view press release). Utilising PayPal’s platform and technology, Bancorp will provide its affinity relationships with the ability to offer electronic P2P payments to their customers.
“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,” said Bancorp’s executive vice president and chief innovations officer, Pete Chiccino.
PayPal and Bancorp also plan to roll out PayPal’s instant Account Creation and Account Funding services to Bancorp’s affiliate relationships over the near term future. PayPal’s instant Account Creation service will enable the opening of a PayPal account from the Bancorp. The integration is PayPal Account Creation’s first in the US. The PayPal Account Funding service will allow Bancorp account holders to apply their PayPal funding sources to their Bancorp accounts.
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