Fiserv Signs Over 100 FIs for ZashPay Person-to-Person Payments Service
Fiserv has announced that more than 100 financial institutions have already committed to offer its ZashPay person-to-person (P2P) payments service. Fiserv says that "banks and credit unions across the United States, ranging in size from small community institutions to top 50 banks, have signed up to offer the service, with continued interest and signings expected throughout the summer."
ZashPay, which enables consumers to send or receive money using their existing online bank account, will roll out through this network of financial institutions beginning in early summer. ZashPay is built into a Fiserv online payment service currently used by more than 3,100 financial institutions and 16 million consumers, providing financial institutions the ability to tap into a community where consumers can quickly move funds among each other. Consumers whose financial institutions do not offer ZashPay will still be able to use the service to send or receive money by visiting the ZashPay website.
“They key to the success of P2P payments is simplicity and ubiquity,” said Erich Litch, senior vice president and general manager, Consumer Services, Fiserv. “Consumer interest in person-to-person or social payments is strong, and the network of ZashPay banks and credit unions is growing rapidly. This network, in conjunction with the ZashPay website, will enable anyone in the U.S. with a bank account to send money directly to another person’s bank account.”
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"enable anyone in the U.S. with a bank account to send money directly to another person’s bank account"
Can't you do that today?
Posted by: Dave Birch | June 16, 2010 at 02:22 PM
I think Dave's question would be answered had the article mentioned ZashPay's key differentiator, which is its ability to handle account-to-account fund transfer without the need for the sender to know the receiver's bank account number, sort code, and other information. As I've pointed out in my blog, unlike most other account-to-account money transfer products offered by banks, ZashPay only asks the sender to enter readily available information like the recipient’s email address or mobile phone number. This way, it delivers peace of mind to senders and removes one of the most severe areas of friction that afflicts all present bank-offered eP2P solutions.
Posted by: Ketharaman Swaminathan | June 18, 2010 at 05:54 AM
No you can't, With sites like Paypal the sender send the funds to Paypal and the receiver logs into paypal and downloads the funds into their account. With Zashpay the sender sends the funds directly to the receivers checking account with no third party site in the middle.
Posted by: Frank | June 18, 2010 at 07:30 AM