ZashPay

Fiserv has struck a deal to purchase person-to-person payments provider CashEdge for $465 million.

Previously the two companies have been competing in the P2P payments market and have signed multiple financial institutions for their payment products: Fiserv's ZashPay and CashEdge's Popmoney.

Fiserv says the acquisition of CashEdge - which employs around 300 people in New York, Silicon Valley, Chennai and Mumbai - should help it provide new capabilities such as P2P money request, and small business electronic invoicing and remittance to its customers.

Fiserv, Inc. has officially launched its ZashPay(SM), a new person-to-person (P2P) payments service enabling users to send or receive money using their existing online banking accounts. To send money with ZashPay to the US residents the users need the recipient's name and e-mail address or mobile phone number only. Money will be deducted directly from the sender's banking account and transferred to the account of the recipient. All the transactions are as safe as the conventional online banking operations. 

Fiserv reported that over 100 financial institutions had subscribed for its ZashPay person-to-person payment service. According to the official statement banks and credit unions across the US have signed up to offer this service with more subscriptions expected in future.

Fiserv has introduced a new person-to-person payments service ZashPay. The new solution was worked out in order to let consumers tap into a community where they can quickly send or receive money using their existing online banking accounts.