Regions Bank now offers its customers a new way to make person-to-person payments: Regions Personal Pay SM, powered by ZashPay from Fiserv.
The new service allows checking and money market customers who use Regions Online Banking to send or receive money from anyone who has a U.S. bank account.
Using Regions Personal Pay is a simple, convenient way to make payments to someone - without the need for cash or writing a check. Once enrolled, all that's required for a customer to send a payment is a recipient's email address or mobile phone number.
"Regions Personal Pay is a reliable solution to pay friends, family or others for everything from a lunch, to sending money to a child in college, to fundraisers, gifts and more," said Chris Cox, head of Regions eBusiness. "In addition to being easy-to-use, Personal Pay uses state-of-the-art security and encryption on every transaction, giving customers both the reliability and stability of Regions behind their transactions and the convenience of a new valuable service at their fingertips."
Customers can access Personal Pay from the Payments section of Regions Online Banking. Recipients of funds are alerted via email or text about claiming their payments, and the sender receives an email confirmation once a payment is made. Funds can be deposited in as little as one business day.
"Increasingly consumers are looking, not toward third-party providers, but toward trusted financial institutions for this type of person-to-person payment option," said Tony Catalfano, Fiserv division president for electronic payments. "ZashPay, backed by more than 25 years of experience handling secure online payments, provides a network for consumers to send money to any one of millions of people with a bank account in this country."
Current Regions Online Banking customers are automatically enrolled in Personal Pay - which allows them to both make payments and be immediately enrolled to receive them. While there is a nominal $1 fee to send payments, there is no charge to receive funds.
Regions Personal Pay is part of the ZashPay network, which already boasts more than 700 financial institutions and more than a million registered users in its person-to-person (P2P) service. For non-Regions customers, the one-time, free enrollment with ZashPay allows them to receive payments through the system automatically.