WILMINGTON, Del.--(BUSINESS WIRE)--
The Bancorp Bank (“Bancorp”), a wholly owned subsidiary of The Bancorp,
Inc. (Nasdaq: TBBK), is pleased to announce a new relationship between
PayPal and Bancorp to provide P2P payment services to consumers via
Bancorp’s affinity relationships. By utilizing PayPal’s platform and
technology, Bancorp will enable its affinity relationships with the
ability to provide electronic P2P payments to their customers.
Pete Chiccino, Bancorp’s Executive Vice President and Chief Innovations
Officer, said, “We saw the market opportunity in P2P payment services
and the benefits it could bring to our affinity customers and now we
have the right partner. We’re thrilled about our relationship with
PayPal. PayPal shares our philosophy of putting a premium on services
that are easy to use, flexible and secure.”
“PayPal believes that innovation will drive success for the financial
services industry and enjoys working with financial institutions like
The Bancorp Bank that are always looking for great products and
solutions to bring to their customers,” said Dan Schatt, Head of
Financial Innovations, PayPal.
P2P payments are just the first in a series of collaborations that
PayPal and Bancorp will undertake in 2012. Bancorp will also offer its
affinity relationships PayPal’s Instant Account Creation and Account
Funding with PayPal.
PayPal’s Instant Account Creation is a new way to open a PayPal account
directly from the Bancorp. Future PayPal purchases made by Bancorp
customers could generate card acquiring volume for Bancorp. Bancorp
marks the first U.S. integration of PayPal’s Instant Account Creation.
Account Funding with PayPal will allow Bancorp customers to apply their
PayPal funding sources to their new Bancorp accounts.
About Bancorp
The Bancorp, Inc. is a financial holding company that operates The
Bancorp Bank, an FDIC-insured commercial bank that delivers a full array
of financial services both directly and through private-label affinity
programs nationwide. The Bancorp Bank’s regional community bank
operations serve the needs of small and mid-size businesses and their
principals in the Philadelphia-Wilmington region.
The Bancorp, Inc.
Andres Viroslav, 215-861-7990
aviroslav@thebancorp.com
Source: The Bancorp, Inc.