Fifth Third Bank to Launch Popmoney® P2P Payments
Fifth Third Bank to Offer CashEdge's Popmoney® Email and Mobile Payments Service to Customers
NEW YORK, Jan. 5, 2011 /PRNewswire/ -- CashEdge, Inc. (www.cashedge.com), the leading provider of Intelligent Money Movement® services, announced today that Fifth Third Bank, one of the largest banks in the U.S., will launch Popmoney®, CashEdge's person-to-person email and mobile payments service, to its customers. The service will be offered online through Fifth Third's online banking platform www.53.com beginning in mid-2011.
Popmoney is the first email and mobile person-to-person payments service to allow bank customers to send money from their online or mobile banking, simply using a recipient's email, mobile number or bank account information. Popmoney provides support for text messaging, WAP and downloadable mobile applications.
Fifth Third, among the largest banks in the U.S., is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $112 billion in assets and operates 16 affiliates with 1,309 full-service Banking Centers in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina.
"CashEdge's Popmoney solution allows us to offer our customers the latest in online money movement functionality," said Larry McClanahan, Vice President and Director, Alternative Delivery, Fifth Third Bank. "We are excited to offer our customers a simple and secure way to send funds person to person."
"We have seen a significant increase in demand from U.S. banking customers for simple-to-use and convenient payments services," said Neil Platt, Senior Vice President and General Manager, U.S. Banking, CashEdge Inc. "By offering Popmoney to its customers, Fifth Third is meeting this increased demand, and joining over 170 financial institutions, including 5 top 20 U.S. banks, in providing the most secure and reliable email and mobile payments service currently available."
Popmoney is built upon the proven reliability and security of CashEdge's money movement platform, which in 2009 processed $50 billion in online funds transfers for bank customers. For current CashEdge clients, Popmoney is a simple upgrade of their existing TransferNow service.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $112 billion in assets and operates 16 affiliates with 1,311 full-service Banking Centers, including 103 Bank Mart® locations open seven days a week inside select grocery stores and 2,433 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 49% interest in Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2010, had $190 billion in assets under care, of which it managed $26 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ® National Global Select Market under the symbol "FITB."
CashEdge is a leading provider of Intelligent Money Movement® solutions for financial institutions, including mobile and email person-to-person (P2P) payments, account transfers, account opening and funding, small business applications and financial account aggregation. The Company's clients include over 650 leading financial institutions, including eight of the ten largest banks in the country. CashEdge's newest offering, Popmoney®, is a bank-enabled email and mobile money movement service that is live at leading banks in the U.S.
CashEdge's industry-leading products include Popmoney for email and mobile payments; Popmoney® for Small Business, OpenNow®/FundNow® for new account opening and funding; TransferNow® for consumers, which includes Me-to-Me and Third Party Transfers; and Small Business Suite, which includes Invoicing, Me-to-Me Transfers, Employee Payments and Vendor Payments. All CashEdge products are supported by industry-leading risk management capabilities that leverage proprietary technology to help financial institutions mitigate risk and decrease fraud exposure.
The Company is headquartered in New York with offices in Silicon Valley and India. For more information, visit www.cashedge.com.
SOURCE CashEdge, Inc.
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