U.S. Bancorp will be the first large bank in the U.S. to offer real-time person-to-person payments online and through mobile devices using the Popmoney® Instant Payments feature, according to a press release.
Customers will be able to send money instantly to friends, family and service providers who bank at participating financial institutions.
Instant receipt of funds will depend on network availability and the financial institution. The funds availability policy will also be based on that particular financial institution that does not offer the Popmoney personal payments service.
“Designing payment solutions using a ‘real-time first’ mentality, which assumes that real-time is the ultimate standard of delivery, is a guiding principle in the ongoing Fiserv initiative to make faster payment options available to consumers,” Marc West, senior vice president, Electronic Payments, Fiserv said. “The powerful combination of real-time and mobile opens new doors for adoption and use of person-to-person payments, and U.S. Bank is at the forefront of this trend.”
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