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US Bank taps Fiserv Popmoney for instant P2P payments

28 April 2014  |  2138 views  |  0 Source: US Bank

US Bank, lead bank of U.S. Bancorp (USB) is the first large bank in the country to offer real-time person-to-person payments online and through mobile devices using the Popmoney Instant Payments feature, a product of Fiserv (FISV).

The real time person-to-person (P2P) payment feature expands U.S. Bank's existing P2P payment service, which it has offered for over a year. Now, customers can send money instantly to friends, family and service providers who bank at participating financial institutions. Instant receipt of funds depends on network availability and, for financial institutions that do not offer the Popmoney personal payments service, depends on the funds availability policy of the financial institution.

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 by giving customers the option to select virtual cards to attach to payments made over email for special occasions such as birthdays, graduation or holiday gifts.

These new features are available via U.S. Bank online and mobile banking, giving customers more ways to send, request or receive money using their friend or family member's account number, email address or mobile phone number. In addition to the Instant Payment option, U.S. Bank customers can choose from next day or standard P2P payments.

"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."

"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." 

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