Financial services technology provider Fiserv Inc. is looking to expand the use of its Popmoney peer-to-peer payments product. The company announced today that it will be integrating the P2P feature into its Mobiliti mobile banking platform.
With the integration, P2P payments can be made directly from a user's mobile banking account. Additionally, users of P2P payments can manage payments and view transaction history from within their mobile banking application.
"For many consumers, their financial institution is the ideal hub from which to manage the many types of payments they make each month — from paying bills to paying other people," said Rahul Gupta, group president of digital payment solutions at Fiserv. "The integration of Popmoney with Mobiliti gives financial institution customers another convenient way to access person-to-person payments, which will drive adoption and use of both services."
Time will tell if consumers are interested in simple P2P payments, but integrating Popmoney into Mobiliti will definitely expand the potential market. Fiserv's mobile banking platform is used by more than 1,300 financial institutions.
The Popmoney service is also integrated into several other online banking solutions from Fiserv, and is available as a standalone service. Fiserv said it's now offered by more than 1,800 participating FIs.
Popmoney lets FIs offer customers a method for sending and receiving funds quickly and easily. Once customers sign up for the service, all they need is an email address or mobile phone number to route funds to another user's bank account.
Read more about money transfer/P2P services.