CashEdge

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.

A provider of electronic money services CashEdge Inc announced the results of its 2011 Small Business Payables and Receivables Survey. The survey found that small businesses have a strong desire to accelerate and simplify current payable/receivable processes and a willingness to adopt new electronic payment solutions. Moreover, these businesses expressed a strong desire to get such services from their banks.

 MoneyGram International has announced its partnership with CashEdge Inc., owner of Popmoney, to integrate their respective money transfer and payment services platforms to expand choice, flexibility and convenience of the MoneyGram and Popmoney services.  

Owing to this partnership the customers of Popmoney service will be able receive their transfers in any of MoneyGram's 200,000 retail agent locations in more than 190 countries. This option is very convenient for those clients who have no bank account or who want to get the transfer in hard cash.

There’s a lot of momentum behind Person-to-Person (P2P) payments in the U.S. JP Morgan Chase is the most recent, but PayPal, Fiserv, CashEdge, Obopay, and others are signing banks and trying to get consumers to enroll and use the service. The networks must interconnect if banks want the new payment revenue.

CashEdge and U.S. Bank have partnered to launch later this year CashEdge's person-to-person (P2P) online and mobile payments service, Popmoney, to U.S. Bank’s customers. The bank plans to offer Popmoney via usbank.com and the downloadable mobile banking application, the U.S. Bank Mobile Wallet. Thus, U.S. Bank becomes the first bank in America to offer a mobile P2P solution that enables users to directly send money transfers from their bank accounts to anyone with email, mobile phone number and a bank account.

ClairMail has partnered with CashEdge for providing financial institutions with the ability to implement CashEdge's Popmoney through the ClairMail platform. Under this partnership clients of ClairMail will be able to provide their customers with a consistent mobile banking and P2P payments experience.

Financial institutions will be able to offer their customers to send payments by using the email address or mobile phone number of the recipient. They can also brand the Popmoney™ mobile experience.

 CashEdge and Firethorn have announced a strategic relationship to bring to market an integrated mobile person-to-person (P2P) payments solution integrating CashEdge's POPmoney P2P payments service with Firethorn's Mobile Wallet solution. According to the companies, "the integrated mobile P2P solution will enable financial institutions to offer their customers the ability to send electronic payments using CashEdge's POPmoney from within their Firethorn mobile banking application, by simply using the email address or mobile phone number of the recipient.

CashEdge Inc is now offering a new service, POPmoney that means “Pay Other People”, providing online banking services for financial institutions that is to let users send money directly via a text message or email. In future the service is to reduce the needs to stop at ATMs or write checks when owing money.