March 29, 2010
P2P Takes Off at Boeing CU
As the competition among a crowded marketplace of tech providers heats up, CashEdge has won the person to person payments business of Boeing Employees Credit Union (BECU).
The largest credit union in Washington state and one of the largest financial cooperatives in the U.S., BECU will offer CashEdge's Popmoney to its 600,000 members.
Popmoney is among the first email and mobile P2P payments services that allow credit union members and bank customers to send money directly from their Web or mobile banking service by using the recipient's email address, mobile phone number or bank account information. Popmoney also enables text messaging, wireless application protocol (WAP) and downloadable mobile apps.
CashEdge is hosting the site for BECU, which is enabling members to use send money to others via email or mobile device. The recipient gets a BECU-branded email notifying them of the payment, and can receive the money by entering their account information.
A spokesman for BECU says about 640 members have registered for the service in its first few days, and about $15,000 in payments have been made.
"Boeing is a pretty tech savvy group of employees, who are heavy users of online banking," says Catherine Palmieri, global head of product and marketing for CashEdge, who says about a half dozen financial institutions have signed up for Popmoney, with others in the pipeline for later this year.