November 4, 2009
CashEdge launches mobile payments service with Firethorn
CashEdge and Firethorn have announced a strategic relationship to bring to market an integrated mobile person-to-person (P2P) payments solution integrating CashEdge's Popmoney P2P payments service with Firethorn's Mobile Wallet solution. According to the companies, "the integrated mobile P2P solution will enable financial institutions to offer their customers the ability to send electronic payments using CashEdge's Popmoney from within their Firethorn mobile banking application, by simply using the email address or mobile phone number of the recipient. This comprehensive mobile P2P banking solution will give consumers greater control over their finances, enabling them to pay other people whenever and wherever they want."
The convenience and security of using a service offered by one's existing financial institution is compelling for consumers. According to CashEdge's 2009 consumer survey, 77 percent of consumers would prefer to use a P2P payments service offered through their financial institution compared to an independent service.
"Consumers are demanding new payment solutions, particularly the ability to conveniently and securely send payments while on the go," said Ben Ackerman, Vice President of product strategy for Firethorn. "This Firethorn and CashEdge relationship is an excellent fit, both in terms of business and technical capabilities. We already have many common customers and prospects who have been asking for a holistic P2P solution, and now we can put those customers on the path to mobile commerce."
"Firethorn's Mobile Wallet application is an innovative service that successfully helps meet the demands of today's consumers for easy and convenient mobile banking solutions," stated Neil Platt, Senior Vice President and General Manager, US Banking, CashEdge Inc. "CashEdge is always looking for opportunities to broaden the scope of our services and deliver cutting-edge services to financial institutions, and working with Firethorn further enables us to meet those goals."
Popmoney is the first email and mobile person-to-person payments (P2P) service for financial institutions that allows customers to send an electronic payment, from within the online or mobile banking site, by simply using the email address or mobile phone number of the recipient. Likewise, the recipients of the payment can receive the funds directly into their account. Firethorn's Mobile Wallet solution enables bank customers to use their mobile devices to view account balances, check credit card balances, transfer funds between accounts, view and pay bills, and access other services such as loyalty programs and targeted offers.