- Agreement will expand the number of consumers who can access the ZashPay network, with the potential to include more than 1 billion Visa account holders
- ZashPay users will be able to send money to and receive money from eligible Visa account holders
- Fiserv will have the ability to expand ZashPay to reach international account holders
BROOKFIELD, Wis.--(BUSINESS WIRE)--Fiserv, Inc. (NASDAQ:FISV), the leading global provider of financial services technology solutions, today announced an agreement with Visa Inc. (NYSE:V) that will enable users of the ZashPay® person-to-person payments service from Fiserv to send money to and receive money from eligible Visa account holders through their primary financial institution. This agreement will expand the ZashPay network, with the potential to reach more than 1 billion Visa account holders, and can increase the speed of many payments. Fiserv and its financial institution customers also will have the ability to extend person-to-person payments to eligible international account holders.
“For fifty years, Visa has worked to simplify payments; we are now evolving our network capability to make it easier for our cardholders to pay one another.”
“More than 700 financial institutions have signed up to offer ZashPay, and the service is already live at 500 banks and credit unions,” said Erich Litch, division president, Digital Channels, Fiserv. “Working with Visa allows us to deliver payments to even more consumers, more quickly and deepens the relationship that member financial institutions have with their customers. We’re committed to making the ZashPay network the largest and fastest personal payment network, providing the convenience and speed that financial institutions, consumers and small businesses demand in order to drive adoption and usage.”
ZashPay currently enables payments to be sent directly to any U.S. bank account in as little as one business day, and real-time payments will be available later in 2011. The agreement with Visa will expand the number of consumers who can access the ZashPay network, with the potential to include more than 1 billion Visa accounts. Initially the service will focus on payment delivery to eligible credit and debit account holders, with plans to expand to prepaid and international account holders in the future. The service will be available to both consumers and small businesses using ZashPay.
“The exact same Visa card you pull out of your wallet to make purchases at the point-of-sale can now be used to receive a payment from a friend or family member,” said Matt Dill, Head of Personal Payments and Digital Money Transfer, Visa Inc. “For fifty years, Visa has worked to simplify payments; we are now evolving our network capability to make it easier for our cardholders to pay one another.”
ZashPay is part of the robust, integrated suite of solutions offered by Fiserv to enable digital money movement through the online and mobile channels, including bill payments, personal payments and small business payments. To learn more about ZashPay visit www.zashpay.fiserv.com.
Additional Resources
Visa Inc. - http://www.corporate.visa.com
ZashPay - http://www.zashpay.fiserv.com
About Visa Inc.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 20,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visitwww.corporate.visa.com.
About Fiserv
Fiserv, Inc. (NASDAQ:FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Fiserv is ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry. For more information, visitwww.fiserv.com.
FISV-G
Contacts
Additional Fiserv Contact:
Wade Coleman
Director, Global Communications
Fiserv, Inc.
678-375-1210
wade.coleman@fiserv.com
Media Relations:
Ann S. Cave
Senior Public Relations Manager
Digital Channels
Fiserv, Inc.
678-375-4039
ann.cave@fiserv.com
Wade Coleman
Director, Global Communications
Fiserv, Inc.
678-375-1210
wade.coleman@fiserv.com
Media Relations:
Ann S. Cave
Senior Public Relations Manager
Digital Channels
Fiserv, Inc.
678-375-4039
ann.cave@fiserv.com
At A Glance
Source: via Business Wire Updated 08/18/2009 by company | |
| Headquarters: | Brookfield, Wisconsin |
| Website: | http://www.fiserv.com |
| CEO: | Jeff Yabuki |
| Employees: | 20,000 |
| Ticker: | FISV (NASDAQ) |
| Revenues: | $4.74 billion (2008) |
| Net Income: | $569 million (2008) |
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