Paying money to a friend or family member on a mobile is as easy as sending a text with Pay2Mobile, Cumberland Building Society’s new mobile payments service.
The Cumberland, Cumbria’s largest financial institution, has become one of the first current account providers in the UK, and the first building society, to launch this type of mobile payment service.
The service allows the Cumberland’s internet banking customers to send money simply and securely to a friend or relative’s Cumberland current account using just their mobile phone number, without needing to share account details.
To send money, customers will be able to download the free Pay2Mobile app, available on iOS and Android. To receive money, customers can simply register their mobile phone number to their preferred Cumberland current account via internet banking.
The Pay2Mobile app also includes an innovative feature called ‘Balance Peek’ which allows customers to check the balances on their Cumberland accounts without having to log on to mobile banking.
Peter Temple, Operations and HR Director at the Cumberland, said: “Sending money to a friend or family member is set to become much easier with Pay2Mobile. If you need to share the cost of a taxi, repay that £10 you borrowed or help out one of your children by sending them some money, you can do so simply, quickly and securely.”
“Pay2Mobile is a simple but incredibly useful service and we are delighted to be one of the first current account providers in the UK to introduce it. This is another great example of the Cumberland developing an innovative product to make everyday banking more convenient for our customers.”
The service has been developed in partnership with Sandstone Technology. Sandstone Technology is a long standing IT solution partner and has provided the Cumberland with internet and mobile banking services over the last 7 years. The Sandstone P2P mobile payments App is the first deployment of its type by any UK building society.
Commenting on the Pay2Mobile launch, Bob Hall, Sandstone global CEO said, "Sandstone and the Cumberland have worked together closely for over 7 years deploying digital banking innovations. The launch of Pay2Mobile is yet another milestone for the two organisations".
Cumberland Building Society is at the forefront of innovation in mobile payments and is one of six institutions, and the only building society, that will be part of the launch of the Payments Council’s industry-wide mobile payments service in spring this year. The collaborative project marks the first service with the potential to link up every bank account in the country with a mobile number – financial institutions representing around 90% of UK current accounts have committed to offering this service.
1. The Society was recently ranked as the No. 1 personal current account provider in the national Current Account Switching Scorecard, published by the Move Your Money campaign, in conjunction with the Ethical Consumer organisation. The scorecard rates organisations across the following categories:
- Customer Service
- Supporting the Economy
- Ethical lending
The Society received a score of 91 out of 100, which was the highest of any current account provider in the UK.
2. Cumberland Building Society is Cumbria’s largest financial institution and the UK’s 11th largest building society with assets in excess of £1.5 billion and over 140,000 customers. We offer a wide range of residential mortgage products and have a commercial lending division, an estate agency, a financial advice service and an IFA subsidiary. We also offer investment products and the Society is one of only 4 building societies in the UK who offer a full current account service. The Society’s has a network of 34 branches located throughout Cumbria, South West Scotland, North Lancashire and Northumberland.
3. Pay2Mobile launches on 22 January 2014
4. The Pay2Mobile service is available to new and existing personal Cumberland internet banking customers.
5. There is a daily payment limit of £250 per customer and a minimum transaction value of £1.
6. Customers can deregister and/or delete the app at any time and can deregister to receive at any time without charge or penalty.
7. The Payments Council is the body with responsibility for ensuring that payment services work for all those that use them in the UK.
For further information contact:
Allister Green (Business Development Controller) or Peter Temple (Operations & HR Director)
Cumberland Building Society, Cumberland House, Cooper Way, Parkhouse, Carlisle, CA3 0JF
Telephone: 01228 403139
(0845) 601 8396