February 28, 2011

NYCE Payments Network, LLC, will begin offering Popmoney, CashEdge’s person-to-person payment solution, to its more than 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 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, resulting in the immediate availability of funds.

 “The rapid consumer adoption of smart phones−which will reach 50% of cell phone owners by the end of 2012−will spur demand for electronic money movement capabilities between consumers, and not just between consumers and businesses,” said Ron Shevlin, senior analyst with research firm Aite Group. “P2P payments will become a must-have capability for banks.”

 

Read more at:

http://fis.mediaroom.com/index.php?s=43&item=749