Person-to-Person Payments FAQ
Market Drivers
- Are person-to-person payments important to consumers?
Yes; according to consumer responses in the 2009 CashEdge Consumer Survey, there is a growing demand for person-to-person payments. 81% of consumers indicated they would use a P2P payments service if their bank offered it.
- Why should banks provide person-to-person payments?
We believe very strongly that banks are the natural providers of person-to-person payments. Your customers already trust you with their money and banks have already invested significantly in the online and mobile banking channels. Payments are simply an extension of the online banking and money movement services offered by most banks today.
In addition, P2P payments offer significant benefits to banks including new transaction-based revenue and the ability to attract new customers and increase loyalty with existing customers.
About Person-to-Person Payments
- How does POPmoney work?
- Bank customers access the service through the bank’s existing online or mobile banking channels. Users can send payments to anyone regardless of where they bank, by entering a recipient’s email address, cell phone number, or bank account information.
- Recipients receive an email or SMS message with instructions on how to deposit the payment.
- Recipients can deposit payments in one of two ways. If their bank offers POPmoney, they can deposit the payment via their bank’s online or mobile banking applications. If their bank does not offer POPmoney, they can deposit payments at POPmoney.com.
- Who can use POPmoney?
Only consumers whose banks offer POPmoney can send money. However, anyone can receive money.
- How do users sign up to use POPmoney?
Bank customers log in to their bank’s site using their online banking account information, click on the POPmoney service, and follow a simple, one-time registration process. Once registered, customers can send and receive simple, convenient and secure payments.
Consumers whose banks do not offer POPmoney can receive their payment at POPmoney.com.
- How does a user send money?
A user can send a POPmoney payment through their financial institution’s online banking platform. The sender just needs to provide a few key payment instructions: recipient information (which can be an email address, mobile phone number or bank account), a payment amount, and a payment date.
POPmoney also offers more advanced features to send money, such as the ability to schedule future and recurring payments.
- How does a user receive money?
Recipients of a POPmoney payment always receive an email or SMS message with instructions on how to deposit the payment. Recipients can deposit the payment via their bank’s online or mobile banking application if their bank offers POPmoney. If their bank does not offer POPmoney, they can deposit the payment directly into their bank account at POPmoney.com.
- Does POPmoney work with mobile phones?
Yes. POPmoney supports SMS, mobile web browser and mobile applications, enabling banks to extend their P2P functionality to mobile phones.
- Can customers transfer money to recipients whose banks do not offer POPmoney?
Yes, POPmoney enables bank customers to send payments to anyone. Recipients whose banks do not offer POPmoney can deposit payments directly into their bank accounts at POPmoney.com.
- How does CashEdge ensure optimized payment operations?
CashEdge handles all aspects of ACH processing, including exceptions, resubmissions, and inquiries, and features five daily ACH submissions and the latest ACH deadline in the industry.
Risk Management & Security
- How does CashEdge verify the identity of a user to ensure it is a legitimate transaction?
CashEdge establishes the authenticity of a user's ID instantly by performing identity checks, which include posing challenge questions to a user and issuing one-time passwords to mobile phones.
- How does CashEdge monitor and manage risk with POPmoney?
All of CashEdge’s solutions are supported by the Company’s comprehensive risk management platform, which processed nearly $50 billion in online funds transfers in 2008. CashEdge provides access to best-of-breed risk management tools and databases to manage risk across all money movement services, ensuring the most powerful risk management and transaction monitoring capabilities available.
- Does POPmoney enable institutions to meet with federal compliance regulations?
Yes, POPmoney enables institutions to comply with all applicable regulations, including Regulation E, NACHA, GLB, FCRA and U.S. Patriot Act.
Deployment and Integration
- How does POPmoney integrate with a bank’s existing online and mobile banking applications?
POPmoney is a fully-hosted service that enables a seamless and tight integration with the financial institution's existing processes and online and mobile banking environments.
