CashEdge, the leading provider of Intelligent Money Movement services, announced today that two leading credit unions, BECU and Patelco, are among the numerous leading financial institutions that will add POPmoney to their customer offerings by the end of 2009.
Launched in June 2009, POPmoney is the first email and mobile person-to-person payments (P2P) service for financial institutions that allows customers to send an electronic payment, from within the online or mobile banking site, by simply using the email address or mobile phone number of the recipient. Likewise, the recipients of the payment can receive the funds directly into their account. POPmoney includes an SMS text messaging application, as well as downloadable mobile applications, enabling financial institutions to extend their P2P functionality to mobile phones.
BECU is the largest credit union in Washington and one of the top five financial cooperatives in the United States. Currently, BECU has more than 600,000 members and assets of more than $8.5 billion.
"At BECU we strive to make banking as easy and convenient as possible for our members, and that means offering services that allow them to bank wherever and whenever they want," said Howie Wu, Vice President of Virtual Banking. "POPmoney will help us meet that goal by extending the reach of our online and mobile banking capabilities to include person-to-person payments. We anticipate that our members will embrace the new offering when we launch later this year."
San Francisco-based Patelco Credit Union is a national credit union serving over 290,000 members nationwide. Patelco has $4 billion in assets and ranks among the largest credit unions in the nation.
"Patelco Credit Union helps its members accomplish their every financial pursuit, and providing them with easy access to their funds and the ability to send money to friends and family, is a big part of that goal," said John Shields, Chief Technology Officer, Patelco. "By incorporating POPmoney into our offerings, members will have a simple, secure and convenient way to send and receive money from other people. We are excited to be able to offer this service to our members."
"We are thrilled that POPmoney has achieved such strong traction in the credit union segment, just as it has among our bank clients," said Neil Platt, Senior Vice President and General Manager, US Banking, CashEdge Inc. "With POPmoney, credit unions can respond to the growing demand from their members for email and mobile payments by offering the same next-generation, innovative P2P service being offered by the top banks. This will help credit unions generate new transaction-based revenue, attract new members and increase member loyalty."