Fiserv to launch new P2P payments service for online banking users
US financial services technology provider Fiserv is planning to launch a new personal payments service that aims to enable individuals to send or receive money person-to-person using their existing online banking accounts.
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, neighbours and colleagues. When launched, consumers will be able to use the personal payments service via their participating financial institutions, eliminating the need to share account information with a third party.
Using an e-mail address or mobile phone number, consumers will be able to send money to anyone they know. Payments will be deposited directly into the recipient’s account and confirmation of payment will be sent to the recipient’s e-mail address or mobile number. Payments will be processed through Fiserv’s online payment network, leveraging the FraudNet automated fraud detection system to detect and prevent fraudulent transactions.
This new service will be made available initially to Fiserv clients using the CheckFree RXP online bill payment platform during the first half of 2010, with other financial institutions able to connect to the personal payments network through web services after the initial launch of the service.