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Fiserv merges ZashPay and Popmoney P2P payments networks

29 February 2012  |  8836 views  |  0 Hands on keyboard

Fiserv is folding its ZashPay person-to-person payments network into Popmoney, a similar offering from recently acquired CashEdge.

ZashPay and Popmoney enable bank customers to send money directly from their accounts to anyone they know using only an e-mail address or mobile phone number.

In September Fiserv agreed a $465 million deal to acquire CashEdge, bringing together the competing networks, which between them had hundreds of financial institutions customers.

The two networks are now being merged under the Popmoney brand, connecting 1400 financial institutions - including the likes of Citi and Fifth Third Bank - and reaching 35 million consumers through their existing online and mobile banking relationships.

The revamped Popmoney network will be rolled out to all customers by the middle of the year and will include new features such as the ability to request money from individuals or groups, import contacts to a payee list, and send e-greetings along with electronic cash.

In addition, Popmoney will be integrated into the Fiserv CheckFree RXP payment suite, which is in use at 3600 financial institutions.

Jeff Yabuki, CEO, Fiserv, says: "Our enabling technology will connect consumers, changing the way money is moved from one person to another. Leading financial institutions offering Popmoney will provide fast, safe and secure money movement anytime and anywhere, advancing the wave of digital transformation."

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