Network’s implementation of Popmoney® creates competitive edge for client institutions
JACKSONVILLE, Fla.--(BUSINESS WIRE)--NYCE® Payments Network, LLC, a leading U.S. electronic payments network and an FIS™ company, today announced that NYCE will begin offeringPopmoney®, CashEdge’s person-to-person (P2P) payment solution, to its more than 3,000 financial institution clients.
“We strive to continually provide solutions to our clients that will help them to grow their businesses and keep them at the forefront of products and services for their customers”
Developed specifically for financial institutions, Popmoney is an electronic payment solution that enables consumers to submit payments directly to other consumers (or small businesses) from their personal accounts via their online or mobile banking account, simply by using the recipient’s e-mail address, mobile number or bank account information.
Through this solution, NYCE-supported institutions will be able to offer a P2P option that uses their existing payments network. The NYCE Payments Network provides the ability to transmit the funds between the sender’s account and the receiver’s account in real-time, resulting in the immediate availability of funds.
“The combination of Popmoney and the NYCE Payments Network provides a real-time P2P option that is unique in the marketplace,” said Sanjeev Dheer, CEO and president, CashEdge. “As more and more consumers seek simplified ways to move money, the NYCE and Popmoney solution will provide financial institutions with an innovative payment option that closely aligns with today’s anytime, anywhere payments model that they can quickly deploy to their customers or members.”
Popmoney can be integrated seamlessly to a bank’s or credit union’s online banking and mobile applications making P2P payments available to a wide audience of financial institutions. Use of the solution can provide an additional revenue stream for financial institutions, as well as eliminate costs associated with processing checks, the traditional mode of P2P payments.
“The rapid consumer adoption of smartphones − which will reach 50 percent of cell phone owners by the end of 2012 − will spur demand for electronic money movement capabilities between consumers, and not just between consumers and businesses,” said Ron Shevlin, senior analyst with research firm Aite Group. “Consumers want to do business with financial institutions that make their financial lives easy to manage. P2P payments will become a must-have capability for banks.”
“We strive to continually provide solutions to our clients that will help them to grow their businesses and keep them at the forefront of products and services for their customers,” said Frank D’Angelo, executive vice president, FIS Payment Solutions Group. “We are confident our clients will find value in the addition of Popmoney to our NYCE Payments Network.”
CashEdge is a leading provider of Intelligent Money Movement® solutions for financial institutions, including mobile and email person-to-person (P2P) payments, account transfers, account opening and funding, small business applications and financial account aggregation. The Company's clients include over 650 leading financial institutions, including eight of the ten largest banks in the country. CashEdge's newest offering, Popmoney®, is a bank-enabled email and mobile money movement service that is live at leading banks in the U.S.
CashEdge's industry-leading products include Popmoney for email and mobile payments; Popmoney® for Small Business, OpenNow®/FundNow® for new account opening and funding; TransferNow® for consumers, which includes Me-to-Me and Third Party Transfers; and Small Business Suite, which includes Invoicing, Me-to-Me Transfers, Employee Payments and Vendor Payments. All CashEdge products are supported by industry-leading risk management capabilities that leverage proprietary technology to help financial institutions mitigate risk and decrease fraud exposure.
The Company is headquartered in New York with offices in Silicon Valley and India. For more information, visit www.cashedge.com.
NYCE Payments Network, LLC, an FIS™ company, helps its clients grow with innovative new products and strategic alliances that enable them to capitalize on the efficiency, consumer convenience and security of electronic real-time payments. The NYCE Network provides consumers with secure, real-time access to their money, offering hundreds of thousands of ATM locations and millions of point-of-sale locations nationwide. The NYCE Direct Bill Payment service offers cardholders a convenient way to pay bills online in real-time using their deposit accounts. Headquartered in Secaucus, N.J., NYCE Payments Network, LLC, (www.nyce.net) is a wholly owned subsidiary of FIS (NYSE:FIS).
FIS (NYSE: FIS) is one of the world’s largest global providers dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 30,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. FIS is a member of Standard & Poor’s 500® Index and consistently holds a leading ranking in the annual FinTech 100 list. For more information about FIS, visit www.fisglobal.com.
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