U.S. Bank has become the first large bank in the country to offer Brookfield-based Fiserv Inc.’s person-to-person social payment technology.
The real-time payment capability, Popmoney Instant Payments, can be used through U.S. Bank online or on its mobile banking service. Users can also request money and send e-cards with payments.
The other person’s name and account number, email address or mobile phone number are used to complete the transaction.
“Designing payment solutions using a ‘real-time first’ mentality, which assumes that real-time is the ultimate standard of delivery, is a guiding principle in the ongoing Fiserv initiative to make faster payment options available to consumers,” said Marc West, senior vice president, electronic payments, Fiserv. “The powerful combination of real-time and mobile opens new doors for adoption and use of person-to-person payments, and U.S. Bank is at the forefront of this trend.”
Through a Real Time Payment Service add-on solution U.S. Bank has integrated, instant payments are sent using a direct connection to the bank’s core processing platform or DDA accounts.
“Providing our customers with the latest digital banking and payment capabilities is a priority for U.S. Bank,” said Brendan Devine, vice president of money movement at U.S. Bank. “It’s not just about the ‘wow’ factor associated with having the bells and whistles that no one else has, but about U.S. Bank being a trusted resource that our customers turn to first when they want to manage or move their money.”
Fiserv introduced Popmoney in 2012 and integrated it with its mobile platform in 2013. More than 2,000 financial institutions now offer the technology. Green Bay-based Associated Bank added the Popmoney feature when it relaunched its mobile banking app in February.