Source: Electronic Payment Exchange
Electronic Payment Exchange (EPX), a full-service payment processor, announced today the Company's entrance into the person-to-person (P2P) payments market by completing Visa certification for processing Visa Personal Payment transactions.
EPX's Visa Personal Payment certification enables EPX to facilitate person-to-person payments through Visa, where EPX serves as the payment processing link that connects a financial institution or its P2P platform provider with VisaNet, the world's largest electronic payments processing network.
Visa Personal Payment transactions eliminate the inefficiencies of cash and checks for payments between individuals by enabling Visa cardholders to send person-to-person payments to a recipient's Visa account or personal bank account. Through Visa and participating financial institutions, cardholders and the financial institutions' customers can direct payment from their respective Visa accounts or personal bank accounts via an Internet-connected device or mobile phone.
Offering solutions that facilitate automated person-to-person payments through credit and bank accounts illustrates EPX's agility and dedication to emerging technologies. "Obtaining Visa Personal Payment certification shows our commitment to meeting market demands and maintaining leadership as a payment processor," EPX Chief Operating Officer Michael Moyer stated. "The use of P2P payments is expected to rise sharply, and the introduction of Visa Personal Payment transaction capabilities demonstrates our ability to quickly deliver new payment technologies."
Realizing the increasing demand for non-cash person-to-person payments, EPX Executive Vice President of Sales and Marketing Joe Babin sees tremendous potential in EPX's P2P processing capabilities. "Offering Visa's P2P transactions opens up new opportunities for EPX," stated Babin. "Providing P2P services that compete with the likes of PayPal and Square are on the horizon for EPX."