First National Bank of Omaha, CashEdge partner for mobile P2P payments
First National Bank of Omaha’s FNBO Direct has launched CashEdge’s email and mobile person-to-person payment service, POPmoney.
CashEdge claims its POPmoney service is the first email and mobile person-to-person payment service for banks. First National Bank of Omaha said its customers have clamored for the new service and the functionality it provides.
“Our strategy has always been to deliver to our customers products and services that provide convenience and ease of use,” said Dan Harley, vice president of online marketing at First National Bank of Omaha, NE.
“This is important to us because we are a direct-to-consumer online bank and our customers prefer self-service channels like the Internet,” he said. “Person-to-person payments provide our customers with yet another way to conveniently move money.”
FNBO Direct is a division of First National Bank of Omaha that offers financial products such as savings, checking, a rewards credit card and certificates of deposits through the online channel.
CashEdge provides payment services to financial institutions for retail and small business banking customers. CashEdge’s services include mobile and online person-to-person payments and small business payments.
POPmoney lets consumers send money via a recipient’s email address, mobile phone number or bank account information.
The recipient of a payment via CashEdge can receive the funds directly into his or her bank account at a bank that offers POPmoney or at POPmoney.com.
POPmoney supports text messaging, WAP and downloadable mobile applications. The mobile features let the financial institutions extend their person-to-person functionality to mobile phones.
FNBO Direct joins a handful of financial institutions nationwide that recently launched POPmoney for their customers.
PNC Bank was the first major bank to offer secure person-to-person money transfers to anyone with a United States-based banking account in an effort to cater to consumers’ recent change in payment habits (see story).
Consumers are ready
Neil Platt, senior vice president and general manager of CashEdge said that the target demographic for mobile person-to-person payments will vary by bank but it will generally be a younger, tech-savvy and wealthier consumer base.
“This really is the year of mainstream, widespread adoption in banks and the beginning of mainstream consumer adoption of person-to-person payments,” Mr. Platt said.
Mr. Platt said banks will still need to educate consumers on the uses of mobile person-to-person payments.
First National Bank of Omaha’s Mr. Harley said through surveys and other communication, bank customers have indicated that they would like to have ability to make person-to-person payments.
“So, our launch of person-to-person payments, through our partnership with CashEdge, helps to meet a customer need,” Mr. Harley said. “It also allows customers to easily move money to friends, family or small businesses, without the extra – and sometimes intrusive – step of asking those payment recipients for their bank account information.
“Our customer will only need the recipient’s email address or mobile phone number to send a payment,” he said. “It makes everyday payments – splitting the check at lunch, paying a babysitter, pitching in for an office gift – that much easier.”