Recognizing the need for financial institutions to meet increasing demand for person-to-person (P2P) electronic payments, Harland Financial Solutions and Harland Clarke have collaborated to launch their own P2P payment network, Direct Payment Exchange.
As part of the launch, they are introducing a complimentary charter membership program for financial institutions. The companies are debuting the service at the BAI Retail Delivery Conference this week in Chicago.
The Direct Payment Exchange provides a common P2P platform for the companies' 11,000 plus clients, facilitating lower cost movement of money while providing a more convenient enrollment process for consumers wishing to use the network's DPXPay desktop or mobile solution.
DPXPay will enable financial institutions to offer their account holders the ability to send and request electronic payments to and from another person using only their e-mail address or mobile phone number. In addition, consumers can use DPXPay for account to account (A2A) transfers between accounts they hold at different institutions. Not only will this offering satisfy consumer requests for easier and more secure methods to send and receive money, it has the potential to generate profitable, transaction-based revenue for the institution.
To coincide with the launch of the Direct Payment Exchange network, a charter membership program is being extended for financial institutions that wish to secure early membership in the network. Charter members will benefit from special, exclusive considerations, including waived membership fees, access to consumer marketing support and name recognition in promotional campaigns. More than 3,000 financial institutions have already been enrolled to participate in the Direct Payment Exchange network.
"With Harland Clarke being known as one of the largest and most respected secure payment suppliers in the industry and Harland Financial Solutions providing leading financial services software to thousands of institutions, it's only natural for us to work together to set the standard for P2P payment networks," said Raju Shivdasani, president, Harland Financial Solutions. "The Direct Payment Exchange delivers the features and benefits both financial institutions and account holders are seeking for executing secure P2P payments."
"We are proud to demonstrate our leadership in helping define the changing landscape and delivery of P2P payments," said Dan Singleton, president, Harland Clarke. "With this service offering, financial institutions will reinforce to consumers their commitment to remaining on the forefront of technology, supporting customer acquisition and retention, while providing opportunities for improving performance."