Image via WikipediaNORCROSS, Ga., Dec 14, 2010 (GlobeNewswire via COMTEX) --S1 Corporation (Nasdaq: SONE | PowerRating), a leading global provider of payments and financial services software solutions, yesterday announced an agreement with PayPal to develop and deploy payment solutions directly integrated into online and mobile banking platforms.
To date, ten financial institutions have signed with PM Systems Corporation, a wholly owned subsidiary of S1, to offer Person-to-Person Payments powered by PayPal. The PayPal service allows consumers and businesses to make easy, fast and secure payments directly from their bank accounts to almost anyone with a mobile number or email address around the globe.
"We see person-to-person payments as a good opportunity to give our members added convenience and to differentiate our institution in our markets," said Pete Paulson, CEO for Corporate America Family Credit Union, Elgin, Illinois. "The integration with PayPal through S1 enables our credit union to meet our goals of providing 24x7 mobile payment services that meet our members' needs."
The integration with the PayPal solution allows consumers to quickly send money to almost anyone with a mobile phone or email address by leveraging the PayPal network. In order to send money, the sender needs only to log into online or mobile banking, enter the destination email address or mobile phone number, and transfer the money. If the recipient is one of the 90 million PayPal users, the funds will be deposited instantly for verified accounts. If the recipient does not have a PayPal account, prompts lead them to create one. Financial institutions can tailor pricing for this new offering to generate fee-based revenues.
"S1 is an innovator, offering its financial institutions and customers the ability to use the PayPal network to deliver personal payments from existing accounts with nothing more than a phone number and email address," said Dan Schatt, GM of Financial Innovations, PayPal. "P2P creates tremendous opportunities for financial institutions to offer valuable, differentiated services to their customers."
"The integration of mobile and online solutions from S1 with the PayPal network continues to reinforce our commitment to help customers move money universally: anytime, anywhere and from any channel worldwide," said Pierre Naude, S1 Division President.
About S1
Leading banks, credit unions, retailers, and processors need technology that adapts to the complex and challenging needs of their businesses. These organizations want solutions that can respond quickly to changes in the marketplace and help grow their businesses. For more than 20 years, S1 Corporation (Nasdaq:SONE) has been a leader in developing software products that offer flexibility and reliability. Over 3,000 organizations worldwide depend on S1 for payments, online banking, mobile banking, voice banking and branch banking solutions that deliver a competitive advantage. More information is available at www.s1.com.
Forward-Looking Statements
This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act. These statements include statements with respect to our financial condition, results of operations and business. The words "believes," "expects," "may," "will," "should," "projects," "contemplates," "anticipates," "forecasts," "intends" or similar terminology identify forward-looking statements. These statements are based on our beliefs as well as assumptions made using information currently available to us. Because these statements reflect our current views concerning future events, they involve risks, uncertainties and assumptions. Therefore, actual results may differ significantly from the results discussed in the forward-looking statements. The risk factors included in our reports filed with the Securities and Exchange Commission (and available on our website at www.s1.com or the SEC's web site at www.sec.gov) provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Except as provided by law, we undertake no obligation to update any forward-looking statement.
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