US Bank deploys Fiserv's Popmoney technology to offer real-time P2P payments

US Bank has chosen Fiserv's Popmoney Instant Payments capability as part of its strategy to offer instant person-to-person (P2P) payments online and through mobile devices.

US Bank has chosen Fiserv’s Popmoney Instant Payments capability as part of its strategy to offer instant person-to-person (P2P) payments online and through mobile devices.

The new feature will also improve customer’s ability to send, request or receive money using another person’s name and account number, email address or mobile phone number.

US Bank money movement vice president, Brendan Devine, said: "Providing our customers with the latest digital banking and payment capabilities is a priority for U.S. Bank.

"It’s not just about the ‘wow’ factor associated with having the bells and whistles that no one else has, but about U.S. Bank being a trusted resource that our customers turn to first when they want to manage or move their money."

US Bank is enabling the instant payment option leveraging the real time payment service (RTPS) add-on module for the PEP+ technology from Fiserv, which offers real-time payments using a direct connection to a bank’s core processing platform or DDA accounts.

Apart from this, US Bank is also providing its customers the ability to request money to eliminate the need to collect money from another person or a group.

Available to eligible financial institutions that offer the Popmoney personal payment service, Popmoney Instant Payments empowers users to send money instantly to friends, family and service providers who bank at participating financial institutions.

Currently, Popmoney is offered at more than 2,000 banks and credit unions, over 800 of which offer Popmoney through the Mobiliti mobile banking service from Fiserv.