Money Transfer Service Enables P2P and Remittance Offerings that Drive Revenue

People need to send money. There is no question about it. Whether it is to kids in college, settling accounts between friends or remittances to a home country the scale and opportunity are enormous.  In 2008 alone, TowerGroup estimated domestic non-cash Person-to-Person (P2P) volume at over 1 trillion dollars.
True, the paper check remains the workhorse payment instrument for P2P transfers but customer expectations are changing. Is logging onto bill pay to order a check which then needs to be mailed, received and deposited really the best option to move money from point A to point B?  How does this cost impact your financial institution’s bottom line?
In an increasingly digital world, disintermediators like PayPal or the mega-banks are changing the paradigm by enabling consumers to send money to anyone, online, electronically. Consumers vote with their feet: over 30% of respondents in a recent Javelin Strategy & Research study initiated a P2P money transfer outside of their primary financial institution within the last 90 days.

And, paid for it…

Community banks and credit unions can play to a number of strengths to win back this business by offering a retail money transfer service on the online banking channel. To the consumer, online banking is the natural choice: convenient, familiar and trusted. However, smaller financial institutions wishing to develop this service face complex product, risk, compliance, settlement and operational hurdles.
The Anza Money Transfer Service was designed with the needs of community banks and credit unions in mind, removing key risk, operations and compliance barriers faced by smaller institutions. Configured as a turn-key service, Anza is a fast-to-market, low cost-of-entry service already integrated with S1 Retail Internet Banking.

Financial Institution Benefits include:

  • Respond to consumer demand for money transfer and consolidate customer financial activity at your institution
  • Earn revenue share per transaction
  • Turn-key service model, removing operational, risk and compliance barriers
  • Fast, easy program set-up, integrates with S1 Retail Internet Banking and core banking host
  • Program configuration for consumer access, pricing, branding, and risk controls

To learn more about Anza Money Transfer contact your account executive.

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