The advantage of being a part of a more established company can sometimes outweigh the challenges, and for PopMoney, becoming a Fiserv-owned product is providing the capital and opportunity to take its industry-leading platform to another level. This time, the company is evolving its product to be capable of transmitting both a payment and enriched content pertaining to the payment, which can be social or business-oriented.
“The payment itself is the least important part of it,” says Sanjeev Dheer, president of Fiserv’s Popmoney division and the former CEO of CashEdge, which Fiserv bought last year. “Much more important is that the application facilitates that social interaction” illustrated in users’ exchanges.
Offering a glimpse into plans to leverage both its own and other EFT networks for faster speed to spend clearing, the company acknowledges the next big competitive leap for these products will be the ability to support same-day money transfers.
Through Accel, Fiserv can move funds in just 30 seconds, allowing users to almost instantaneously verify that they have received a transfer. Fiserv has not yet determined its pricing for its near-real-time service, Dheer says, though it expects its bank clients to charge a fee to their customers.
Fiserv plans to later expand this capability to other debit networks, Dheer says. Doing so would create much broader footprint for the near-instant transfers it would provide through Popmoney.
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