US debit/ATM network operator Pulse and mobile money vendor Obopay have teamed up to deliver immediate person-to-person payments for Pulse member banks and credit unions.
The deal means issuers on the Pulse network can offer use Obopay's technology to provide person-to-person and account-to-account transfer services to their customers.
The partners say that their offering has a significant advantage over payments via ACH, which often take several days to process, a factor that has secured participation from Ohio Valley Bank, which has already signed up.
Tony Staley, project manager, product development, Ohio Valley Bank, says: "Many banks offer one- or two-day transfers and payments. We can now offer instant payments and expect to attract new customers by providing them with a differentiated service."
Judith McGuire, EVP, product management, Pulse, adds: "Combining our extensive debit network with Obopay's broad range of mobile money solutions gives consumers a faster and more efficient way to pay with their debit card, while also enabling new revenue generating opportunities for our participants."