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A problem for P2P payments has been the speed of funds transfer. Most systems use the ACH network which, in the best of times, settles overnight. This announcement, the first tie-up between an EFT network and a P2P service, significantly alters the speed parameter. Using the NYCE EFT network, P2P payments are made instantly. This enhanced service is available to NYCE’s 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.”
Read more of the press release here: http://www.finextra.com/news/announcement.aspx?pressreleaseid=37724
Here’s the FIS press release: http://fis.mediaroom.com/index.php?s=43&item=749
Read Mercator’s report US Mobile Person-to-Person Payments Market: Gee Whiz or Gee Why?