Financial services technology provider Fiserv has announced that it will merge two of its existing solutions for person-to-person (P2P) payments to create a P2P network that includes 1,400 financial institutions and 35 million consumers. The company will combine ZashPay, the P2P payment product it launched in 2009, with Popmoney, a P2P product it gained with its acquisition of payments and aggregation company CashEdge last September.
The combined service will be called Popmoney, and will feature easier navigation and advanced functionality, such as the ability to request money from individuals or groups, import contacts to a payee list and send e-greetings along with electronic transfers. All existing ZashPay and Popmoney customers will be upgraded to the newly combined and enhanced platform by the middle of 2012, according to Fiserv.
"The combination of Popmoney and ZashPay will accelerate the momentum underway in bank-focused person-to-person payments," said Sanjeev Dheer, president of the personal payments division at Fiserv, in a news release. "Consumers strongly prefer the convenience of their banking relationship for conducting these types of transactions. The expanded network enhances the usability of the service and accelerates adoption among consumers and small businesses."