U.S. Bank Adds Real-Time Person-to-Person Payments via Fiserv
April 28 2014 - 9:00AM
Business Wire
- 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
- Additional P2P enhancements include the
ability to request money and send personalized digital greeting
cards
- More than 2,000 financial institutions
offer Popmoney, and more than 150 have signed up for the Popmoney
Instant Payments feature
Fiserv, Inc. (NASDAQ: FISV), a leading global provider of
financial services technology solutions, today 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.
The PEP+ solution through which U.S. Bank is enabling real-time
payments allows financial institutions to automatically receive and
originate payments through the ACH network. More than half of
America’s 22 billion ACH payments are processed using PEP+ software
from Fiserv.
*Terms and Conditions Apply. Popmoney® personal payment services
offered at Popmoney.com are provided by or through CheckFreePay
Corporation, a licensed money transmitter, and/or its affiliate
CheckFreePay Corporation of New York, which is licensed and
regulated as a Money Transmitter by the New York State Department
of Financial Services, each of wholly owned subsidiary of Fiserv,
Inc. Instant receipt of funds depends on network availability and
for non-Popmoney financial institutions, depends on the funds
availability policy of the financial institution.
About U.S. Bancorp
U.S. Bancorp (NYSE: USB), with $371 billion in assets as of
March 31, 2014, is the parent company of U.S. Bank National
Association, the 5th largest commercial bank in the United States.
The company operates 3,083 banking offices in 25 states and 4,878
ATMs and provides a comprehensive line of banking, brokerage,
insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. Visit U.S.
Bancorp on the web at usbank.com.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is a leading global technology
provider serving the financial services industry, driving
innovation in payments, processing services, risk and compliance,
customer and channel management, and business insights and
optimization. For more information, visit www.fiserv.com.
FISV-G
Media Relations:Ann CaveDirector, Public RelationsFiserv,
Inc.678-375-4039ann.cave@fiserv.comorAdditional Contact:Wade
ColemanDirector, Public RelationsFiserv,
Inc.678-375-1210wade.coleman@fiserv.com
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