Cumberland Building Society has partnered with Sandstone Technology to launch a Paym enabled service to its customers.
The service is an extension of Cumberland's Pay2Mobile App launched earlier this year. Cumberland Building Society is one of nine banks and building societies who will provide their customers with access to the Paym service when it launches on April 29.
An initiative of the National Payments Council, Paym allows customers to safely make payments with their mobile phone to their family, friends and up to 30 million current account holders nationally, using just a mobile phone number as the payment reference.
The service has been devised by the National Payments Council and participating UK banks and building societies to meet with high security levels. Customer details are held securely with mobile numbers mapped against current accounts.
Sandstone Technology's mobile payments App meets the requirements of Paym, allowing Cumberland Building Society's customers to submit instantaneous payments using the service.
Peter Temple, Operations Director at Cumberland comments: “Sandstone is a long standing IT solution partner of the Society, having provided us with internet and mobile banking services over the last 7 years. The mobile payments App is the first deployment of its type by any UK building society, and we have worked closely together with Sandstone to achieve yet another milestone for the two organisations”. Sandstone also provides the society with online banking for both retail and business customers with full current account and sophisticated multi user features.
Colin Rankin, Sandstone’s UK General Manager adds “Using mobile devices to allow easy and convenient payments is the way forward in the market. Our BankFast Mobile App has been adapted so that it can be readily deployed with the Paym Service and further demonstrates Sandstone’s commitment to lead the way for mobile payments”.
Only those customers whose financial institutions have joined the Paym service can send and receive payments.