CashEdge, a provider of Intelligent Money Movement products for financial institutions, has announced the launch of POPmoney, a person-to-person payments (P2P) service for banks that enables banks to provide simple and secure P2P payments from their online or mobile banking applications.
CashEdge said that with POPmoney, bank customers can send an electronic payment by using the email address or mobile phone number of the recipient. POPmoney includes an SMS text messaging application, as well as downloadable mobile applications, enabling banks to extend their P2P functionality to mobile phones.
Sanjeev Dheer, CEO and President, CashEdge, said: “POPmoney represents the first real opportunity for banks to compete in the lucrative person-to-person payments space. This untapped market offers financial institutions major opportunities for new revenue and increased customer engagement. With our deep expertise in money movement, our bank-centric model and our strong risk management capabilities, this is a natural next step for CashEdge to take with its bank partners.”
