Fifth Third to offer customers Popmoney P2P payments service

Source: CashEdge

CashEdge, the leading provider of Intelligent Money Movement services, announced today that Fifth Third Bank, one of the largest banks in the U.S., will launch Popmoney, CashEdge's person-to-person email and mobile payments service, to its customers.

The service will be offered online through Fifth Third's online banking platform 53.com beginning in mid-2011.

Popmoney is the first email and mobile person-to-person payments service to allow bank customers to send money from their online or mobile banking, simply using a recipient's email, mobile number or bank account information. Popmoney provides support for text messaging, WAP and downloadable mobile applications.

Fifth Third, among the largest banks in the U.S., is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $112 billion in assets and operates 16 affiliates with 1,309 full-service Banking Centers in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina.

"CashEdge's Popmoney solution allows us to offer our customers the latest in online money movement functionality," said Larry McClanahan, Vice President and Director, Alternative Delivery, Fifth Third Bank. "We are excited to offer our customers a simple and secure way to send funds person to person."

"We have seen a significant increase in demand from U.S. banking customers for simple-to-use and convenient payments services," said Neil Platt, Senior Vice President and General Manager, U.S. Banking, CashEdge Inc. "By offering Popmoney to its customers, Fifth Third is meeting this increased demand, and joining over 170 financial institutions, including 5 top 20 U.S. banks, in providing the most secure and reliable email and mobile payments service currently available."

Popmoney is built upon the proven reliability and security of CashEdge's money movement platform, which in 2009 processed $50 billion in online funds transfers for bank customers. For current CashEdge clients, Popmoney is a simple upgrade of their existing TransferNow service.

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