Computer Services Inc. Social Payments Instant Network (SPIN)
CSIís Social Payments Instant Network enables banks to provide customers with more direct person-to-person payment functionality through the companyís mobile and Internet banking applications.
Unlike traditional P2P providers, which require a series of steps and multi-day waiting periods for processing before the funds are available to the receiver, CSI designed its P2P offering to focus on the receiver rather than the sender. The result is a more efficient payments process that allows consumers to access to funds much quicker than other providers in the industry.
Key reasons SPIN is the best P2P option for banks:
1. SPINís P2P payments technology requires only the 16-digit debit card number to send payment to any Visa cardholder, which improves adoption among bank customers looking for a quicker transaction process.
2. CSIís SPIN eliminates the delay in availability for the receiver, enabling funds to clear in a matter of minutes.
3. All card information is fully encrypted to ensure complete security and compliance, and can be reused to send additional payments in the future without providing the full 16-digit card number for each transaction.
4. By providing a more immediate P2P payments process, financial institutions maintain customer satisfaction and improve the banking customer experience overall.
5. From the financial institutionís perspective, CSIís SPIN provides an array of value-added tools that can drastically expand mobile adoption (a lower-cost channel to serve) and increase transaction volumes by eliminating the need for customers to seek third-party P2P providers.
Computer Services Inc.