Fiserv Launches Person-to-Person Payment Service

Fiserv, Inc., a provider of financial services technology solutions, announced plans for a new personal payments service that will enable individuals to send or receive money person-to-person using their existing online banking relationship.

The service will be made available to the more than 3,100 financial institutions in the Fiserv online payment network, linking users with their friends, family, neighbors and colleagues.

"Consumers are showing an increasing preference for managing their finances online, and it is natural for them to turn to their trusted financial institution for any payment service, whether it is a bill payment or a personal payment," said Erich Litch, senior VP and general manager, Consumer Services, Fiserv. "The personal payments service from Fiserv enables banks and credit unions to deliver an online financial management tool, providing users with the convenient capability to pay anyone and deepening their relationship with the institution."

When launched, Fiserv said consumers will be able to use the personal payments service through their participating financial institution, eliminating the need to share account information with a third party.

Using an e-mail address or mobile phone number, consumers will be able to send money to anyone they know, whether it is to repay a friend for concert tickets or dinner, contribute to a fundraiser, pay team dues, pay allowances or even pay the babysitter. Payments will be deposited directly into the recipient's account and confirmation of payment will be sent to the recipient's e-mail address or mobile number. Payments will be securely processed through Fiserv's online payment network, leveraging the FraudNet automated fraud detection system to detect and prevent fraudulent transactions.

The company said that the new service will be made available initially to Fiserv clients using the CheckFree RXP online bill payment platform during the first half of 2010, with other financial institutions able to connect to the personal payments network through web services after the initial launch of the service.

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