News Column

U.S. Bank Adds Real-Time Person-to-Person Payments via Fiserv

May 17, 2014



By a News Reporter-Staff News Editor at Investment Weekly News -- Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced that U.S. Bank has enhanced its existing person-to-person (P2P) payment service with an Instant Payment option, as well as the ability to request money and send personalized digital greeting cards along with payments. These new features are available via U.S. Bank online and mobile banking, giving U.S. Bank customers more ways to send, request or receive money using another person's name and account number, email address or mobile phone number. U.S. Bank is the first large bank in the country to offer real-time P2P payments online and through mobile devices using the Popmoney® Instant Payments feature.

"Providing our customers with the latest digital banking and payment capabilities is a priority for U.S. Bank," said Brendan Devine, vice president of money movement at U.S. Bank. "It's not just about the 'wow' factor associated with having the bells and whistles that no one else has, but about U.S. Bank being a trusted resource that our customers turn to first when they want to manage or move their money."

U.S. Bank is enabling the Instant Payment option using the Real Time Payment Service (RTPS) add-on module for the PEP+® solution from Fiserv, which facilitates real-time payments via a direct connection to a bank's core processing platform or DDA accounts. This is one of several ways Fiserv can enable real-time payments leveraging the company's extensive suite of digital money movement solutions, including the Accel™ payments network, and connections to non-Fiserv networks. Popmoney® Instant Payments, available to eligible financial institutions that offer the Popmoney personal payment service, enables consumers to send money instantly to friends, family and service providers who bank at participating financial institutions*.

"Designing payment solutions using a 'real-time first' mentality, which assumes that real-time is the ultimate standard of delivery, is a guiding principle in the ongoing Fiserv initiative to make faster payment options available to consumers," said Marc West, senior vice president, Electronic Payments, Fiserv. "The powerful combination of real-time and mobile opens new doors for adoption and use of person-to-person payments, and U.S. Bank is at the forefront of this trend."

In addition, U.S. Bank now offers its customers the ability to request money, which is good for families with kids in college, or as a way to eliminate the awkwardness and hassle of collecting money from another person or a group. Another enhancement recently offered by U.S. Bank enables customers to make the gift of money much more personal. Customers select virtual cards to attach to payments made over email for special occasions such as birthdays, graduation or holiday gifts.

Popmoney is currently offered at more than 2,000 banks and credit unions, more than 800 of which offer Popmoney via the Mobiliti™ mobile banking service from Fiserv. More than 150 financial institutions have signed up for the Popmoney Instant Payments feature. With Popmoney, consumers can send money to and receive money from friends, family and others they know or owe using their existing bank account*. Person-to-person payments are available to and from U.S.-based bank accounts.

Keywords for this news article include: Fiserv Inc., Banking and Finance, Investment and Finance.

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Source: Investment Weekly News


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