SAN JOSE, Calif. (11/9/11)--Beginning in early 2012, Technology CU will be the first financial institution in the nation to enable real-time, person-to-person (P2P) payments from its ATMs to nearly anywhere in the world using a new payments service.
The $1.3billion asset credit union based in San Jose, Calif., will use a new payments service from NCR and 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 PalPal account," said Dan Schatt, general manager of financial innovations for PayPay.
To use the service, the member will sign in to the ATM, enter the recipient's contact information, and choose the amount to transfer. The funds will be immediately credited to the recipient's PayPal account. Recipients without PayPal accounts will need to create one to receive funds.
Tech CU President/CEO Barbara Kamm noted that ATMs, mobile phones and online banking are increasingly becoming the main channels members use for banking and the new service 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 said.