CashEdge has announced that Washington-based BECU and San Francisco-based Patelco credit unions will add its POPmoney service to their customer offerings by the end of 2009.
According to the CashEdge, POPmoney is an email and mobile person-to-person payments (P2P) service for financial institutions that allows customers to send an electronic payment, from within the online or mobile banking site, by using the email address or mobile phone number of the recipient. Likewise, the recipients of the payment can receive the funds directly into their account. POPmoney includes an SMS text messaging application, as well as downloadable mobile applications, enabling financial institutions to extend their P2P functionality to mobile phones.
Howie Wu, vice president of virtual banking at BECU, said: “At BECU we strive to make banking as easy and convenient as possible for our members, and that means offering services that allow them to bank wherever and whenever they want. POPmoney will help us meet that goal by extending the reach of our online and mobile banking capabilities to include person-to-person payments. We anticipate that our members will embrace the new offering when we launch later this year.”
John Shields, chief technology officer at Patelco, said: “By incorporating POPmoney into our offerings, members will have a simple, secure and convenient way to send and receive money from other people. We are excited to be able to offer this service to our members.”
Neil Platt, senior vice president and general manager for US banking at CashEdge, said: “With POPmoney, credit unions can respond to the growing demand from their members for email and mobile payments by offering the same next-generation, innovative P2P service being offered by the top banks. This will help credit unions generate new transaction-based revenue, attract new members and increase member loyalty.”
