"More than 700 financial institutions have signed up to offer ZashPay, and the service is already live at 500 banks and credit unions," said Erich Litch, division president, Digital Channels, Fiserv. "Working with Visa allows us to deliver payments to even more consumers, more quickly and deepens the relationship that member financial institutions have with their customers. We're committed to making the ZashPay network the largest and fastest personal payment network, providing the convenience and speed that financial institutions, consumers and small businesses demand in order to drive adoption and usage."
ZashPay currently enables payments to be sent directly to any U.S. bank account in as little as one business day, and real-time payments will be available later in 2011. The agreement with Visa will expand the number of consumers who can access the ZashPay network, with the potential to include more than 1 billion Visa accounts. Initially the service will focus on payment delivery to eligible credit and debit account holders, with plans to expand to prepaid and international account holders in the future. The service will be available to both consumers and small businesses using ZashPay.
"The exact same Visa card you pull out of your wallet to make purchases at the point-of-sale can now be used to receive a payment from a friend or family member," said Matt Dill, Head of Personal Payments and Digital Money Transfer, Visa Inc. "For fifty years, Visa has worked to simplify payments; we are now evolving our network capability to make it easier for our cardholders to pay one another."
ZashPay is part of the robust, integrated suite of solutions offered by Fiserv to enable digital money movement through the online and mobile channels, including bill payments, personal payments and small business payments.