June 2010
Bank of the West launches virtual money service
Bank of the West, a US-based retail subsidiary of BNP Paribas, has launched the first payments service allowing bank customers to send money from their bank account, using a recipient’s email address, mobile phone number or bank account information.
‘Popmoney’, a person-to-person payments service provided by CashEdge, offers an alternative to cash and cheques and builds on the Third Party Transfer the bank launched in 2009.
Customers sending money notify a recipient via e-mail or text message before sending the money straight to the person’s bank account.
The service will be free until 30 June, when a $3.00 charge will apply for each standard delivery transaction, and $10.00 for a next day transaction.
The bank recently topped a JD Power survey for customer satisfaction in California, with a score of 782 (out of 1,000) compared to Union Bank of California’s 771 and Wells Fargo’s 761 (see RBI 632-633).