Patelco Credit Union Launches Popmoney™ Person-to-Person Payments Integrated With Mobile Banking

FREMONT, Calif. and NEW YORK, July 13 /PRNewswire/ -- Mobile Popmoney enables Patelco's members to send an electronic payment directly to another person via an email or text message from their mobile phone. CashEdge and MShift jointly enable this seamless Integration of Mobile Popmoney P2P Payments via the MShift Mobile Banking Platform.  

With the technology of MShift, this innovative mobile P2P payment service can now be fully integrated into financial institutions' mobile banking platform powered by MShift. On July 7, 2010, Patelco Credit Union became the first financial institution in the United States to launch this innovative person-to-person mobile payment system, fully integrated into their mobile banking platform.

Rather than a stand alone application requiring a separate login; MShift technology enables Mobile Popmoney Person-to-Person payments to be initiated from the mobile environment as well as fully integrated within the complete host of mobile banking services, features and functionality offered on the MShift mobile banking platform.  

Anthony Vitale, Director, Application Development, of Patelco Credit Union states, "Patelco is committed to offering our members access to the latest and most convenient banking services.  That is why we partnered with MShift to offer the earliest launch of Mobile Banking in the USA in 2001.  We have continued to build on that atmosphere of innovation with MShift, and are very excited that we have now partnered with both CashEdge and MShift to enable the Pay Other People (Popmoney) technology to be available to our members both via Patelco's online banking and mobile banking services."

Neil Platt, SVP and General Manager, US Banking of CashEdge states, "Patelco has always been one of the leading innovators in the credit union segment, and we are thrilled to be expanding our partnership with them to include our Popmoney P2P service on the MShift platform," said Neil Platt, Senior Vice President and General Manager, US Banking, CashEdge Inc. "We commend them on responding so quickly to the evolving needs of their members and being aggressive about P2P payments.  We anticipate that Popmoney will help Patelco generate new transaction-based revenue, attract new members and increase member loyalty."

Scott Moeller, Chief Executive Officer of MShift states, "Patelco Credit Union has a history of technology leadership and innovation.  Ten years ago, Patelco represented the first mobile banking deployment of any financial institution in the United States, and I'm proud to say Patelco was also the first mobile banking deployment in the USA using MShift technology.  Today, this person-to-person mobile payment launched by Patelco utilizing the MShift platform enabling full integration with the CashEdge Popmoney technology demonstrates that Patelco still leads the market; enabling their members to have the ability to initiate and send payments to any individual, right from their mobile phone, and have this powerful feature of mobile P2P payments fully integrated into their mobile banking platform provided by MShift."

About Patelco Credit Union

San Francisco-based Patelco is a national credit union serving over 290,000 members nationwide. Patelco's $3.7 billion in assets ranks it among the largest credit unions in the nation.

About CashEdge

CashEdge is a leading provider of Intelligent Money Movement™ solutions for financial institutions, including mobile and online person-to-person (P2P) payments, account transfers, account opening and funding, small business applications and financial account aggregation. The Company's clients include hundreds of leading financial institutions, including seven of the ten largest banks in the country, for which they move more than $50B every year. CashEdge's newest offering, Popmoney™, is a bank-enabled P2P service that is live at leading banks in the U.S.

CashEdge's industry-leading products include Popmoney™ for person-to-person payments; OpenNow®/FundNow® for new account opening and funding; TransferNow® for Consumers, which includes Me-to-Me and Third Party Transfers; and TransferNow® for Small Businesses, 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.

About MShift

MShift, Inc., a privately held corporation, with offices in Silicon Valley, and Minneapolis, MN is the market-leading provider of mobile banking technology for the financial services industry.  Deploying its first banking customer in 2000, MShift technology now powers more than 200 US Mobile Banking deployments in the USA, including top tier banks, and more than 2/3rd of the top 50 credit unions which offer Mobile Banking to their members.  MShift technology enables financial institutions to offer their customers a full range of mobile financial services via the Mobile Internet, SMS/Text banking, and downloadable apps, including such unique features as Mobile P2P payments and MShift Mobile Deposit.  Proven security, rapid deployment and competitive pricing are among the reasons MShift is chosen by Financial Institutions as the technology for their mobile banking platform.  For more information, contact [email protected].

SOURCE MShift, Inc.