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Fiserv's P-to-P payments let consumers send money to anyone
December 6, 2009
Fiserv Inc. says its new personal payments service is enabling individuals to quickly send and/or receive money — person-to-person —via an existing online banking relationship.
The service will be made available to the more than 3,100 financial institutions in the Fiserv online payment network, linking users with their friends, family, neighbors and colleagues.
"Consumers are showing an increasing preference for managing their finances online, and it is natural for them to turn to their trusted financial institution for any payment service, whether it is a bill payment or a personal payment," said Erich Litch, senior vice president and general manager of consumer services for Fiserv. "The personal payments service from Fiserv enables banks and credit unions to deliver an innovative online financial management tool, providing users with the convenient capability to pay anyone and deepening their relationship with the institution."
When launched, consumers will be able to use the personal payments service through their participating financial institutions.
Using an e-mail address or mobile phone number, consumers can send money to anyone they know.
This new service is expected to be available to Fiserv clients using the CheckFree RXP online bill-payment platform during the first half of 2010, with other FIs having the ability to connect to the personal payments network through Web services, after the initial launch of the service.
A June 2009 survey of 1,022 U.S. consumers conducted by Fiserv found significant interest in personal payments, with 70 percent of those surveyed expressing interest in such a service. Three out of four respondents would prefer a service offered by their financial institution, and 83 percent of respondents say it's important for money to be deposited directly into a recipient's bank account, as opposed to other methods.
Consumers who said they would use a personal payments service cited a variety of potential uses, including sending money to someone (88 percent), making a donation to charity (53 percent), requesting money from someone (43 percent), or collecting or contributing to a group gift (40 percent).
Consumers who said they would use the service estimated they would do so an average of three times per month, and the top benefits would be eliminating the hassle of cash or checks (80 percent) and greater convenience (77 percent).
"Personal payment services have appeal for consumers who are seeking quick and seamless financial management tools," said Litch of Fiserv. "Financial institutions that offer the personal payments service from Fiserv will have another offering to boost satisfaction and loyalty among their users, and could attract new consumers to their institution as well."
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