BALTIMORE — PayPal announced Tuesday a large rollout of person-to-person services aimed at giving credit unions and banks state-of-the art money transfer tools, at prices "less than half of what our competitors charge," said Dan Schatt, head of financial innovations at PayPal in an exclusive interview with Credit Union Times at the NACHA conference in Baltimore.
In its announcement, PayPal unveiled a new partnership with The Bancorp Bank, through which the Philadelphia-based online commercial bank will provide payment services via 450 affinity relationships.
According to Schatt, PayPal's SendMoney for Financial Institutions product allows funds to be sent to people in more than 60 countries with email addresses and more than 10 countries with mobile telephone numbers.
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