P2P payments

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.

The three largest US banks Bank of America, JPMorgan Chase and Wells Fargo have unveiled their new P2P payments joint venture.

The banks say that their customers will be able to transfer and move funds directly from their existing checking accounts using an e-mail address or mobile number – instead of providing checking account and routing numbers.

M-Com, international mobile banking solution provider, is delighted to announce its product BankAnywhere was chosen by ACLEDA Bank Plc in a move to power its mobile banking and payment services.

 Fiserv, Inc., the leading global provider of financial services technology solutions, today announced plans for a new personal payments service that will enable individuals to quickly and easily send or receive money person-to-person using their existing online banking relationship. The service will be made available to the more than 3,100 financial institutions in the Fiserv online payment network, linking users with their friends, family, neighbors and colleagues. 

A report titled “Mobile Person-to-Person Payments: Mounting Telco Activity in a Mobile Channel Segment That Financial Institutions Can’t Afford to Lose” and issued by Javelin Strategy & Research found financial institutions should better launch person-to-person mobile solutions before carriers capture the market.