CashEdge, the leader in Intelligent Money Movement products for financial institutions, serving 600 financial institutions including seven of the nation's top ten banks, announced today the launch of POPmoney, the first person-to-person payments (P2P) service for banks, enabling banks to provide simple and secure P2P payments from their online or mobile banking applications.
POPmoney allows bank customers to "Pay Other People" (POP) anywhere, at any time, directly from within a bank's online or mobile application. With POPmoney, bank customers can send an electronic payment by simply using the email address or mobile phone number of the recipient. POPmoney includes an SMS text messaging application, as well as downloadable mobile applications, enabling banks to extend their P2P functionality to mobile phones.
"POPmoney is a breakthrough service and represents the first real opportunity for banks to compete in the lucrative person-to-person payments space. This untapped market offers financial institutions major opportunities for new revenue and increased customer engagement," said Sanjeev Dheer, CEO and President, CashEdge Inc. "With our deep expertise in money movement, our bank-centric model and our strong risk management capabilities, this is a natural next step for CashEdge to take with its bank partners."
Spurred by the growing use of online banking, including online account opening, bill pay and online funds transfers, consumers are demanding additional online money movement services.
A 2009 CashEdge survey of nearly 1,000 consumers identified several important findings related to P2P payments including:
- 81 percent of respondents would use a P2P service if offered by their financial institution
77 percent of respondents would prefer to use a P2P service offered by their own financial institution over an independent online P2P service (such as PayPal or a similar service)
- 73 percent of respondents felt that a P2P service offered through their bank would be more secure than an independent P2P service
- 69 percent of respondents felt that a P2P service offered through their bank would be more convenient than an independent P2P service
POPmoney leverages the proven reliability, security and robustness of CashEdge's money movement platform, which in 2008 processed nearly $50 billion in online funds transfers for bank customers. For current CashEdge clients, POPmoney is an easily integrated extension of TransferNow(TM).