(July 31 – 10:00 ET) – CIBC has signed a deal with Yahoo Inc. to offer and support a Yahoo online person-to-person payment solution.
CIBC and Yahoo will offer Yahoo PayDirect (http://paydirect.yahoo.com), allowing U.S. consumers to make payments to one another over the Internet, eliminating the need for mailing paper checks and money orders. Yahoo PayDirect accounts will be held and managed by CIBC National Bank, a member of the Amicus group of companies established by CIBC to bring together its Internet banking business.
“Amicus is the brand for CIBC’s co-branded banking strategy worldwide,” explains Brian Cassidy, senior executive vice president electronic commerce at CIBC, who is also CEO of Amicus. “It is CIBC’s gateway to develop top e-finance solutions and enhanced customer relationships. By teaming with companies like Yahoo, we believe Amicus is now in a position to become a premier financial services company and an influence in the Internet banking world.”
CIBC has strategic alliances with Loblaws in Canada, Winn-Dixie in the southeastern U.S. and it recently announced a new alliance with Safeway in the western U.S. to deliver other in-store financial services.
-IE Staff