Fiserv (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced the official launch of ZashPay, a new person-to-person (P2P) payments service that allows users to send or receive money using their existing online banking accounts.
With ZashPay, users can send money to anyone in the U.S. using only the recipient's name and e-mail address or mobile phone number. The payment will be deducted directly from the sender's banking account and deposited directly into the recipient's account, utilizing the same secure processes as an online banking transaction.
ZashPay can be accessed through the websites of participating financial institutions, or at ZashPay.com. Users who access the service at ZashPay.com will be able to use their existing bank account to send money, and will not be required to fund a separate account - ZashPay will simply enable the transfer of funds electronically.
"Sending money to other people just got a whole lot easier," said Erich Litch, senior vice president and general manager, Consumer Services, Fiserv. "Anyone with a bank account can use ZashPay to send money electronically across the room or across the country."
More than 200 financial institutions have already committed to offer ZashPay. San Diego County Credit Union and The Golden 1 Credit Union were among the first financial institutions to go live on the service in late June.
"San Diego County Credit Union (SDCCU) strives to be a leader in the financial services industry, especially as it relates to online services," said Tum Vongsawad, Interim President and Chief Executive Officer of SDCCU. "ZashPay is a convenient and easy-to-use person-to-person electronic payment service, and SDCCU wanted to be among the first to offer this new high-tech service to our members."
Users of ZashPay will be able to repay a friend, contribute to a fundraiser, pay team dues or even small businesses like a pet-sitter. Payments made using ZashPay will be delivered in as little as one business day and confirmation of payment will be sent to the recipient's e-mail address or mobile number.
"Our members are looking for ways to simplify their financial lives, and a person-to-person payments service that reduces the need to carry cash or mail checks is a significant convenience for them," said Paul Sidhu, Vice President, IT Development & Support, The Golden 1 Credit Union. "We pride ourselves on anticipating our members' needs, and offering ZashPay is one more way we can stay a step ahead."
Payments made through ZashPay will be securely processed through the Fiserv industry-leading online payment network, which in 2009 processed 1.35 billion online bill payments for more than 3,100 financial institutions, including most of the largest banks and credit unions in the U.S.