Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today offered a first look at ZashPay(S)M, a new person-to-person (P2P) payments service that will allow consumers to tap into a community where they can quickly send or receive money using their existing online banking accounts. With ZashPay, consumers will be able to send money to anyone they know using only 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, utilizing the same secure processes as a typical online banking transaction.
Consumers can visit the ZashPay website for a preview, to sign up for e-mail updates and to request that their financial institution offer the service.
ZashPay will be available to a network of more than 3,100 financial institutions and 16 million consumers that already use the CheckFree(R) RXP(R) online bill payment service from Fiserv. 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 easy way. The service will be available through participating financial institutions and at ZashPay.com early in the summer of 2010.
"Consumers are looking for faster and easier ways to send and receive money among their friends, family, neighbors and colleagues, yet current electronic payment options are often a hassle and too slow," said Erich Litch, senior vice president and general manager, Consumer Services, Fiserv. "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."
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.
Payments made using ZashPay will be delivered in as little as one business day and confirmation of payment will be sent to the recipient's e-mail address or mobile number. Because consumers will be able to use ZashPay through their financial institution, it will eliminate the need to fund a separate account or share account information with a third party, resulting in both improved security and greater convenience.
Payments will be securely processed through the Fiserv industry leading online payment network, which in 2009 processed 1.35 billion online bill payments for more than 3,100 financial institutions, including most of the largest banks and credit unions in the U.S.