Computer Services Inc., a provider of end-to-end technology solutions for FIs, has introduced its Social Payments Instant Network, which enables banks to provide customers with greater P2P payment functionality through CSI mobile and Internet banking applications.

Traditional P2P providers let consumers send payments to others via Internet or mobile banking, but the process requires a series of steps and multi-day waiting periods for processing before the funds are available to the receiver.

CSI SPIN eliminates the delay in availability, allowing funds to clear in a matter of minutes. The result is a more satisfied banking customer overall.

"Some P2P payments providers require several steps and several days before funds are available to the receiver, which is not convenient enough to achieve mass adoption," said Steve DuPerrieu, CSI director of product management. "Because of this, CSI focused its P2P offering on the receiver rather than the sender and designed a payments process that allows access to funds much faster than other providers in the industry."

As a component of CSI's Internet or mobile banking platform, SPIN P2P payments technology needs only the 16-digit debit card number to send payment to any Visa cardholder, which improves adoption among banking customers looking for a quicker transaction process.

Card information is fully encrypted to ensure complete security and compliance. Further, it can be reused to send future payments without re-entering the full 16-digit card number.

"While SPIN offers a significant improvement to traditional P2P practices for banking customers, the service also provides the bank itself with substantial benefits to its overall business," said Steve Powless, chief executive officer of CSI. "By providing an innovative P2P payments offering, we can equip our customers with value-added tools that can drastically boost mobile banking adoption, which is a lower-cost channel to serve, and increase transaction volumes by eliminating the need for customers to seek outside P2P providers."     

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