S1 Corporation announced an agreement with PayPal to deliver a new personal payments service that allows consumers and businesses to make easy, fast and secure payments from their bank accounts to PayPal users around the world using their mobile phones. Mercantile Bank of Michigan, a customer of S1, is the first financial institution to sign up for the new offering and expects to go live with the mobile personal payments service early next year.
"S1's continued innovation in mobile banking and integration with the PayPal network will give us a competitive edge to support a channel that is essential to our customers and strategic to our bank's future," said John Schulte, senior vice president and CIO for Mercantile Bank of Michigan. "We see tremendous value for our customers in expanding our mobile banking functionality to include person to person payments with PayPal."
The S1 and PayPal alliance enables banking customers to quickly send money to PayPal customers from their mobile device by entering the recipient's email address or mobile phone number. In order to complete the transaction, the sender just needs to have a bank account with a participating financial institution and the receiver needs to have a PayPal account.
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