U.S. Bank Boosts P2P to Real-Time Speed (April 28, 2014)
U.S. Bank is going real-time with its P2P offerings and adding a few key new features in a field where the P2P ambitions of companies like Square, Google and Amazon are generating considerable interest. Through its partnership with Fiserv Inc., U.S. Bank today is launching an instant-payment P2P option for its existing Popmoney service and adding the ability to request money and send digital greetings along with payments—all available through mobile and online channels. U.S. Bank is the first large bank to offer this array of “bells and whistles” in P2P services using Popmoney, Brendan Devine, U.S. Bank’s vice president of money movement, said in a release.
U.S. Bank customers now may send money instantly to friends, family and service providers using the person’s name and account number, e-mail address or mobile phone number. Among more than 2,000 financial institutions offering Popmoney, 150 have opted to provide the Popmoney Instant Payments feature, enabling users to instantly send money to other users’ bank accounts within the U.S.
Going to a real-time model for P2P is a smooth move for banks in an area where competition is heating up, Zilvinas Bareisis, a senior analyst with Celent, tells Paybefore. “Many ‘first-generation’ P2P offerings weren’t real-time, yet the customer expectations are clearly moving in that direction.”
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