Fiserv, a global provider of financial services technology solutions, has introduced ZashPay, a new person-to-person (P2P) payments service that will allow consumers to tap into a community where they can send or receive money using their existing online banking accounts.
With ZashPay, consumers will be able to send money using an e-mail address or mobile phone number. The payment will be deducted directly from the sender’s banking account and deposited directly into the recipient’s account in as little as one business day.
ZashPay will be integrated into the online banking sites of financial institutions that choose to offer the service. A public website will also allow consumers whose financial institutions are not part of the network to use ZashPay to send or receive money. The service will be available through participating financial institutions and at ZashPay.com early in the summer of 2010.
Users of ZashPay will be able to send money to anyone, regardless of the recipient’s financial institution relationship. Consumers will be able to repay a friend, contribute to a fundraiser, pay team dues, pay allowances or even pay the babysitter.
Payments will be deposited directly into the recipient’s account, if they have an account at a participating financial institution. If their institution is not part of the network they will be able to claim their money at ZashPay.com.
Erich Litch, senior vice president and general manager of consumer services at Fiserv, said: “ZashPay will be accessible through the online banking sites of participating banks and credit unions and will use consumers’ existing financial accounts rather than require them to sign up for and fund a third party account. Consumers have told us that they would prefer to send and receive money directly through their existing online accounts, and ZashPay makes that possible.”