Payment systems: Popmoney demonstrates interpersonal transfer media convergence
Fifth Third Bank of Cincinnati, Ohio, USA is to deploy a person-to-person money transfer system from CashEdge, Inc. Called Popmoney, the service is described as "the first email and mobile person-to-person payments service to allow bank customers to send money from their on-line or mobile banking, simply using a recipient's email, mobile number or bank account information."
Popmoney provides support for text messaging, WAP and downloadable mobile applications, says Fifth Third, a diversified financial services company head-quartered in Cincinnati, Ohio. The Company has USD1,120 million in assets and operates 16 affiliates with 1,309 full-service Banking Centres in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina.
Popmoney is built upon the proven reliability and security of CashEdge's money movement platform, which in 2009 processed USD50,000 million in on-line funds transfers for bank customers.
For current CashEdge clients, Popmoney is a simple upgrade of their existing TransferNow service.
According to CashEdge, "165 banks are launching e-mail and mobile payments with Popmoney.
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