U.S. Bank announced on Monday it will be the first major bank in the country to offer real-time online person-to-person payments through the Popmoney Instant Payments feature—a Fiserv product—on mobile devices.
The real-time P2P payments feature builds on the bank’s existing P2P payment service, which has been offered for more than a year. With the new development, customers will be able to send money instantly to individuals and service providers who bank at participating institutions.
Instant receipt of transferred funds will depend on network availability and the funds availability policy of financial institutions that do not offer the Popmoney personal payments service.
“Providing our customers with the latest digital banking and payment capabilities is a priority for U.S. Bank,” Brendan Devine, the vice president of money movement at U.S. Bank, said. “It’s not just about the ‘wow’ factor associated with having the bells and whistles that no one else has, but about U.S. Bank being a trusted resource that our customers turn to first when they want to manage or move their money.”
Additionally, bank customers will have the option to select virtual cards to attach to payments to commemorate occasions like birthdays, graduation or holidays. The new features will be available to online and mobile banking customers.
“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, the senior vice president of electronic payments at 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.”