Birmingham, Ala.-based bank BBVA Compass announced that it is now offering person-to-person (P2P) payments using the ZashPay service from Fiserv Inc. The new service, called Simple Personal Payments, lets BBVA Compass customers send money to anyone with a U.S. bank account using only the recipient's e-mail address or mobile number.

"BBVA Compass is excited to be able to offer ZashPay to our customers," said Andy Hernandez, director of channel development for BBVA Compass. "We are committed to offering solutions that match the way our customers live today, providing them with increased ease and convenience in managing their money."

Through ZashPay, payments are deducted directly from the sender's banking account and deposited into the recipient's account in as little as one business day. The cost to customers to send funds is $1 per sent transaction, with no cost for payment receipt.

"With ZashPay, BBVA Compass is making it simpler for their customers to send and receive personal payments using their own bank account," said Tony Catalfano, division president, Electronic Payments, Fiserv. "The number of consumers and financial institutions enrolled in the ZashPay service is increasing each month, and BBVA Compass is an important part of the growing ZashPay network."

This is the second financial institution in the past month to announce P2P services through ZashPay. Regions Bank announced in July it would be offering the service to its customers as well.

For more information on this topic, visit our mobile banking research center.

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User Comments – Give us your opinion!
  • Brandon Lee
    Zashpay is ok but they hold on to money way longer than they say they will. I used it for one of my customers to pay me and ended up having to ship the item without being paid! I will always use my merchant account through because it's never a problem!
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