Banks Provided with Opportunity to Benefit From Social Media Market by Offering Person to Person Payments Using Recipient’s Social Media ID
TORONTO, April 12, 2010 (AllPayNews) – Provider of mobile financial services CPNI Inc. (CPNI) announced today the latest release of their Phone Authorized Transfer™ solution set, which now offers the capability to address relationships established by social media services, like Facebook and Twitter, via the user’s unique social media identifiers. Simply by entering the recipient’s phone number, email address or social networking ID, bank customers can conveniently send money from their account to another person’s bank account domestically or internationally, using a mobile phone, the web or an ATM.
The multi-ID ability of CPNI’s P2P solution PATsend™ to use a phone number, email address or social media ID offers consumers the highest possible level of mobility and convenience, while empowering banks to maximize the number of potential customers for the service. PATsend provides the opportunity for financial institutions to attract youthful consumers by introducing the capability to utilize social media ID’s to provide even greater convenience for people sending money.
CPNI distinguishes itself from other mobile commerce providers by offering unique, secure, global, bank-centric solutions, with a specific emphasis on remote mobile payments. The ability to use multiple identifiers and multiple channels such as a mobile phone, the web or at an ATM, supplies the flexibility and interoperability required to provide financial institutions with a comprehensive P2P solution.
CPNI solutions provide for payments to recipients regardless of whether or not they have a bank account or whether or not their financial institution participates with the P2P service. This broadens the number of potential recipients. The provision for ad hoc discovery of recipients is the key to promoting the viral growth of P2P payments in general and specifically mobile financial services.
“Financial institutions are demanding new electronic solutions to replace both checks and cash for personal and commercial payments. PATsend represents our commitment to serving this requirement. Multi-channel payment initiation combined with multi-ID recipient identification allows our customers to accelerate the road to profitability,” said Patrick Bird, President and CEO of CPNI. “This latest release of our PATsend software sets a new level of capability in the personal payments space.”
CPNI Inc. (CPNI) is a private software development company headquartered in Toronto, Canada, with offices in Boston, MA. CPNI provides Phone Authorized Transfer (PAT), a global solution for remote payments and banking services. PAT allows people to transfer funds via PATsend™, make purchases via PATbuy™ and access banking services via PATbank™. Financial Institutions are able to leverage their existing accounts, security processes and settlement channels while retaining the ability to innovate, differentiate and compete. For more information, visit the company’s web site at www.cpni-inc.com .
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