December 18, 2009
First Two Banks Go Live with CashEdge's Popmoney P2P Payments Service
CashEdge has announced today two U.S. banks are the first in the nation to launch Popmoney, its new email and mobile person-to-person (P2P) payments service that is offered through banks. According to the company, "five additional financial institutions have signed on to launch the service in early 2010, demonstrating strong momentum for the innovative new P2P payments service." From the list of participating banks shown on the Popmoney.com website, it appears the first two banks are First Hawaiian and PNC.
Popmoney is the first email and mobile person-to-person payments service for financial institutions that allows bank customers to send an electronic payment directly from their online or mobile banking service, by simply using the recipient's email address, mobile phone number or bank account information. Likewise, the recipient of the payment can receive the funds directly into his or her account at any bank through online banking, if the bank offers Popmoney, or at www.popmoney.com. Popmoney includes support for text messaging, WAP and downloadable mobile applications, enabling financial institutions to extend their P2P functionality to mobile phones.
"The launch of Popmoney by the first two banks is a very exciting and important milestone for CashEdge and for the payments industry overall," said Sanjeev Dheer, CEO and President, CashEdge Inc.
"Consumers have been demanding online and mobile payment options that are simple and secure, and we strongly believe that banks are the best provider of these services. These two banks are the first of many who will offer Popmoney to their customers in the next year, ushering in a new era in P2P payments."
Consumers can visit http://www.popmoney.com to view the current list of participating banks. Customers of participating banks can access Popmoney through their bank's online banking or at Popmoney.com.
Popmoney leverages the proven reliability, security and robustness of CashEdge's money movement platform, used by most of the nation's largest banks, which in 2008 processed nearly $50 billion in online funds transfers for bank customers. For current CashEdge clients, Popmoney is a simple upgrade of their existing TransferNow service.
Consumers can learn more about Popmoney by visiting http://www.popmoney.com.