PNC the first major bank to offer secure person-to-person money transfers without account information
Pittsburgh, PA (PRWEB) January 4, 2010 -- PNC Bank announced today a new person-to-person (P2P) payment service that enables customers to send money to anyone with a U.S.-based banking account using just an email address or mobile phone number.
PNC (NYSE: PNC) is the first major bank to provide a service that allows customers to send money securely on-line without having to share checking account and routing information. Developed in conjunction with CashEdge, Inc., a leading provider of money transfer capabilities, the service is free for all PNC customers and available as part of PNC’s online banking system. Payment notices are sent to either an email address or to any text-capable mobile phone. Once notified that a payment is waiting, PNC customers must simply enroll at www.pnc.com within online banking to claim their money. Non-customers can claim funds at www.popmoney.com/pnc or at another participating bank.
With the introduction of Virtual Wallet® in 2008, PNC made a commitment to make banking easier for the next generation of banking customers. The new P2P payment service offers tech-savvy customers a safe and convenient solution that fits their lifestyle and personal banking needs, while continuing to position PNC as a leader in the online banking and electronic payments space.
Consumers are increasingly seeking improved ways to transfer funds to family, friends and associates. During 2008, there were an estimated nine billion P2P payments in the U.S., representing more than one trillion dollars moving between parties. PNC’s new P2P payment service is expected to appeal particularly to parents who want to send funds to college-aged students and among those wishing to make social payments for events, clubs and activities.
“Payment habits change slowly, and while cash and paper checks are still the primary means of person-to-person payments, we know there are a growing number of customers who want to make paperless P2P payments online and through their own bank,” said Thomas S. Kunz, director of payments and e-Business for PNC.
“It is important for us to offer a solution that fulfills this growing need as part of PNC’s commitment to make banking simple, safe and convenient for our customers.”
PNC Bank, N.A., is a member of The PNC Financial Services Group, Inc. (www.pnc.com), one of the nation's largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.
PNC does not charge a fee for sending money. However, your wireless carrier may charge you for text messaging services. PNC products, services and prices are subject to change.
###
