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
BROOKFIELD, Wis.--(BUSINESS WIRE)--
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
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
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
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.
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.
Director, Public Relations
Director, Public Relations
Source: Fiserv, Inc.
News Provided by Acquire Media