SAN JOSE, CA--(Marketwire - Dec 19, 2012) - Technology Credit Union (Tech CU) announced today it has launched Send Money Powered by PayPal™, a simple-to-use, person-to-person payment service. Today, Tech CU members can quickly send money directly from their online and mobile banking accounts to almost anyone in the world with a mobile phone or e-mail address (over 60 countries worldwide). Tech CU collaborated with e-commerce giant PayPal to offer the service. The credit union will further expand this service to its ATMs in early 2013, making Tech CU the first financial institution in the country to enable real-time, person-to-person payments from an ATM.
"We were thrilled to work with Tech CU to launch their enhanced P2P services," said Dan Schatt, Head of Financial Innovations for PayPal, "Send Money makes it easier than ever for their members to do money transfers quickly and securely to anyone's PayPal account -- nearly anywhere around the globe."
The process for transferring money person-to-person from a Tech CU account is convenient and simple. After signing into their Tech CU online or mobile banking account, a member enters the recipient's contact information, chooses an amount to transfer, and the money is immediately sent to the recipient's PayPal account. (If the receiver does not have a PayPal account, he or she will need to create one in order to receive the funds -- but the sender does not need a PayPal account to send the funds.)
"PayPal has been a member company of Tech CU for many years, and many of their employees are members as well," said Tech CU Chief Banking Officer Joe Anzalone, "It's natural for us to work with them on this kind of service, especially considering they are a trusted brand worldwide. We are always looking for ways to innovate by partnering with the tech companies next door -- it strengthens our relationships to our member companies and makes banking for our members possible on any platform, anywhere."
Payments or transfers through online and mobile banking complement many of Tech CU's existing products that are specifically targeted to the needs of high tech workers in Silicon Valley. As an example, the Tech CU Global Members Program offers financial services to high tech workers who have recently come to the Bay Area and foreign nationals who have established residency or gained citizenship. Initiating a money transfer directly from their Tech CU account provides these members with a convenient 24-hour / 7-day-a-week vehicle for instantaneous payment, while maintaining the trust and security associated with Tech CU and PayPal. In addition, person-to-person payments using Send Money could be a less expensive transaction than other money transfer options currently available.
ABOUT TECHNOLOGY CREDIT UNION
Founded in 1960 by the employees of Fairchild Camera and Instrument Semiconductor Division, Tech CU has served the high tech workforce in Silicon Valley for more than 50 years. Today, Tech CU has extended its membership benefits to small and medium-size businesses and individuals who live and work in the Bay Area. The financial institution is recognized as one of the best managed and strongest in the country. Tech CU's 69,000 members have access to 65,000+ surcharge-free ATMs nationwide, online and mobile banking, 10 full-service branches in the Bay Area, and comprehensive wealth management and small business services.