Fiserv has rolled out Popmoney Instant Payments, a service designed to enable consumers to send and receive money instantly.
The P2P payments service is available for US financial institutions that offer Popmoney and will help consumers in need of immediate money transfers. i.e. when making a last-minute rent payment or sending money to family or friends in an emergency.
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According to Rahul Gupta, group president of Fiserv Digital Payment Solutions, real-time payments are increasingly important to consumers:
"Expanding our real-time money movement options to include social person-to-person payments positions our financial institution clients to meet consumer expectations and demand, and is part of an ongoing Fiserv initiative to make faster payment options available to consumers," he said.
The Popmoney Instant Payments system facilitates real-time payments via the Accel or STAR payments networks, which allow for funds transfers across retail, biller and social person-to-person payments, and non-Fiserv networks. The firm aims to expand Popmoney to other networks and connection points, making the service available to growing numbers of financial institutions and consumers over time.
Top 10 US retail lender PNC, will be one of the first financial institutions to offer Popmoney Instant Payments.
Thomas Kunz, director of e-Business and payments at PNC Bank said:
"This feature responds to the demands of our technology-savvy customers to transfer funds any time, any day with immediate access by the recipient. We anticipate great interest in this improved technology".
Popmoney is currently offered at more than 1,800 banks and credit unions and at Popmoney.com as a service to consumers.
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