Core banking provider Computer Services Inc. (CSI) has introduced the Social Payments Instant Network, or SPIN, which supports person-to-person payments through mobile and online banking.
Consumers must provide their 16-digit card number to send payments to Visa cardholders through SPIN. The number is also stored, so users don't have to type it again for subsequent payments.
CSI is positioning SPIN as a value-add for mobile banking, as well as a way for banks to directly control P2P payments. The integration is also designed to address the lag in processing that results when separate platforms are used to power electronic payments and online banking.
"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," says Steve DuPerrieu, CSI's director of product management, in a release. "Because of this, CSI focused its P2P offering on the receiver rather than the sender."