September 30, 2009
Four banks opt for CashEdge's POPmoney email and mobile P2P payments service
US provider of online financial services CashEdge has signed agreements with four financial institutions to include its POPmoney email and mobile person-to-person payments (P2P) service into their customer offerings.
POPmoney allows bank customers to send an electronic payment from within the online or mobile banking site by using the email address or mobile phone number of the recipient. Likewise, payments recipients can receive the funds directly into their bank accounts. POPmoney includes an SMS text messaging application, as well as downloadable mobile applications, enabling banks to extend their P2P functionality to mobile phones.
All the four banks are expected to go live with the new service by the end of 2009.
POPmoney is based on CashEdge's money movement platform, which in 2008 processed online funds transfers worth USD 50 billion for bank customers. For current CashEdge clients, POPmoney is offered as an upgrade to the existing TransferNow service.