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Why Banks and Credit Unions Should Offer P2P Services



Peer-to-peer (P2P) is the current primary payment method between friends and family, with nearly half of consumers making P2P payments at least once weekly. Based on this data (as well as the growing popularity of P2P services worldwide), credit unions and banks need to embrace P2P solutions if they want to keep up with the competition.

Have you been on the fence about the latest payments changer? Are you curious about how it will benefit you and your financial institution? Below, we’ll share more about the advantages credit unions and banks can experience just by adding P2P services.

What Is P2P?

A P2P payment is a transaction between two parties, each with their own bank account or card. A P2P network mediates this transaction and allows consumers to send money and make deposits through their desktop and mobile devices.  Most commonly the sender would need to coordinate with the person they are sending money to and utilize the same third-party app. 

What if your financial institution could offer your consumers the opportunity to send money directly from your digital banking platform, and there would be no need to sync up third-party applications with the receiver? 

Wouldn't this be a P2P game-changer?

Neural Payments white labeled P2P solution offers exactly that!  Our solution can be directly embedded into your digital banking platform, allowing your consumers the ability to make P2P payments directly from your app.

Partnering with Neural Payments to offer P2P solutions allows you to participate in a $50 billion industry and enjoy a variety of benefits, including:

Increased Convenience and Efficiency

Your current and prospective consumers are looking for more digital convenience in all aspects of their lives, including from their financial institution. They don't want to wait several days for a transaction to process.

If you can provide a more efficient solution, you’ll have a much easier time retaining and attracting consumers. This is where P2P payments for banks and credit unions come in.

With P2P solutions, people can send and accept money more efficiently than ever. The recipient typically gets their payment within a few seconds. P2P payments are also convenient for making microtransactions when gaming or using a streaming platform.

No More Check Processing

Your bank or credit union can offer them a way to pay others directly. This will reduce the need for writing and depositing checks.

Reducing check processing doesn’t just save time and increase convenience for your employees and members. Moreover, it helps your financial institution save $1-$4 for each transaction.

Insert a paragraph here about the rise in check fraud and how P2P could be a viable replacement with a much better experience.

Easy Integration

Neural Payments P2P solution integrates seamlessly with your existing digital banking software. This payment engine is designed to be user-friendly for all, including your less tech-savvy employees. The P2P software can be ready to launch within just a few months. It also offers plenty of customization options to ensure your platform aligns with the rest of your bank or credit union’s goals and requires ZERO core integration!

Advanced Security Features

The most sophisticated P2P payment services, including Neural Payments, include additional security features. The networks are encrypted, contain fraud monitoring capabilities, and can instantly alert users to potentially problematic activity.

When you offer a solution that includes advanced security features, you reduce the risk of fraud, for your consumers and your financial institution. You also build your consumer's loyalty for your bank or credit union.

Level Up Your Bank or Credit Union with P2P Applications

Your financial institution and customers have numerous advantages when integrating digital wallets and P2P payment processing options.

Do you want to embrace the future and experience the benefits of P2P payments? If so, Neural Payments sender-driven, white-labeled solution can help you engage with banking and non-banking customers, capture new growth opportunities, reduce costs, and more.

Contact us today to set up a free, 30-minute demo.