PULSE, a debit/ATM network, and Obopay, a provider of instant mobile payment solutions, will offer real-time money transfer capabilities, the companies announced in a news release. The agreement will allow issuers on the PULSE network to offer real-time person-to-person (P2P) and account-to-account (A2A) transfers, while account holders will be able to receive funds from other institutions to their debit card accounts instantly.

The Obopay and PULSE collaboration provides a significant advantage over payments via Automated Clearing House (ACH), which often take several days to process. Additional benefits include:

• Real-time authorization – eliminates non-sufficient fund (NSF) risks and ACH returns
• Interchange from funds transfers for financial institutions – turns an expense into a revenue source
• Superior user experience – enables users to enter debit card numbers rather than bank account and routing numbers
• Expedited deposit – customers receive money faster into their own accounts

"Combining our extensive debit network with Obopay’s broad range of mobile money solutions gives consumers a faster and more efficient way to pay with their debit card, while also enabling new revenue generating opportunities for our participants,” said Judith McGuire, executive vice president of product management at PULSE. “A growing number of mobility-minded consumers require instant payments and transfers. The agreement with Obopay is one way we can help facilitate that for our financial institutions and their account holders."

For more on this topic, please see the Money Transfer/P2P research center.