Brookfield-based Fiserv Inc. today announced plans to offer a new personal payments service that will enable customers to quickly and easily send or receive money person-to-person using their existing online banking relationship.
The service will be made available to the more than 3,100 financial institutions in the Fiserv online payment network, linking users with their friends, family, neighbors and colleagues.
Using an e-mail address or mobile phone number, consumers will be able to send money to anyone they know, whether it is to repay a friend for concert tickets or dinner, contribute to a fundraiser, pay team dues, pay allowances or even pay the babysitter. Payments will be deposited directly into the recipient's account and confirmation of payment will be sent to the recipient's e-mail address or mobile number. Payments will be securely processed through Fiserv's industry leading online payment network, leveraging the FraudNet automated fraud detection system to detect and prevent fraudulent transactions.
When launched, consumers will be able to use the personal payments service through their participating financial institution, eliminating the need to share account information with a third party and resulting in both improved security and greater convenience.
"Consumers are showing an increasing preference for managing their finances online, and it is natural for them to turn to their trusted financial institution for any payment service, whether it is a bill payment or a personal payment," said Erich Litch, senior vice president and general manager of consumer services at Fiserv. "The personal payments service from Fiserv enables banks and credit unions to deliver an innovative online financial management tool, providing users with the convenient capability to pay anyone and deepening their relationship with the institution."
"P2P payments include repaying other consumers, moving funds between accounts at different banks, supporting family members, and paying for informal purchases or services rendered," said Andy Schmidt, research director, Global Payments, at industry analyst firm TowerGroup. "Consumers need simple, low-cost, and convenient alternatives to checks with flexible funds accessibility."
Fiserv's new technology enables direct transfer of bank funds
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