NYCE® Payments Network, LLC, a leading U.S. electronic payments network and an FIS™ company, today announced that NYCE will begin offering Popmoney®, CashEdge's person-to-person (P2P) payment solution, to its more than 3,000 financial institution clients.
Developed specifically for financial institutions, Popmoney is an electronic payment solution that enables consumers to submit payments directly to other consumers (or small businesses) from their personal accounts via their online or mobile banking account, simply by using the recipient's e-mail address, mobile number or bank account information.
Through this solution, NYCE-supported institutions will be able to offer a P2P option that uses their existing payments network. The NYCE Payments Network provides the ability to transmit the funds between the sender's account and the receiver's account in real-time, resulting in the immediate availability of funds.
"The combination of Popmoney and the NYCE Payments Network provides a real-time P2P option that is unique in the marketplace," said Sanjeev Dheer, CEO and president, CashEdge. "As more and more consumers seek simplified ways to move money, the NYCE and Popmoney solution will provide financial institutions with an innovative payment option that closely aligns with today's anytime, anywhere payments model that they can quickly deploy to their customers or members."
Popmoney can be integrated seamlessly to a bank's or credit union's online banking and mobile applications making P2P payments available to a wide audience of financial institutions. Use of the solution can provide an additional revenue stream for financial institutions, as well as eliminate costs associated with processing checks, the traditional mode of P2P payments.
"The rapid consumer adoption of smartphones − which will reach 50 percent of cell phone owners by the end of 2012 − will spur demand for electronic money movement capabilities between consumers, and not just between consumers and businesses," said Ron Shevlin, senior analyst with research firm Aite Group. "Consumers want to do business with financial institutions that make their financial lives easy to manage. P2P payments will become a must-have capability for banks."
"We strive to continually provide solutions to our clients that will help them to grow their businesses and keep them at the forefront of products and services for their customers," said Frank D'Angelo, executive vice president, FIS Payment Solutions Group. "We are confident our clients will find value in the addition of Popmoney to our NYCE Payments Network."