NEW YORK, March 16, 2011 /PRNewswire/ -- CashEdge Inc. (www.cashedge.com), the leading provider of Intelligent Money Movement® services, and Visa Inc. (NYSE : V ), the world's largest retail electronic payments network, today announced an agreement that will enable U.S. consumers to use their eligible Visa credit, debit and prepaid accounts to send and receive person-to-person (P2P) payments domestically and internationally through Popmoney®, CashEdge's P2P email and mobile payments service. This capability, which will enable consumers to use Popmoney for transactions such as international remittance and funding prepaid cards, will be available in summer 2011.
Popmoney is the leading email and mobile person-to-person payments service, which allows bank customers to send money from their online or mobile banking, simply using a recipient's email, mobile number or bank account information. Currently, recipients receive the funds directly into their bank accounts. Through the agreement with Visa, Popmoney recipients will now have the option to direct funds to their eligible Visa branded credit, debit or prepaid account by providing the 16-digit Visa account number. This capability expands the Popmoney offering by enabling Popmoney customers to send money domestically or internationally to recipients who may lack a traditional bank account, or to those who simply prefer to receive the funds directly to an eligible Visa prepaid, debit or credit account.
"The agreement with Visa greatly expands the value, convenience and reach of Popmoney by enabling Popmoney users to send payments to friends and family worldwide through Visa's global network, and allows Visa cardholders the ability to receive Popmoney payments directly to any eligible Visa card," said Neil Platt, Senior Vice President and General Manager, U.S. Banking, CashEdge Inc. "Several clients are planning to launch the new features. They are particularly interested in the ability to use the service for remittance payments. We anticipate a strong positive response from other financial institutions who offer Popmoney, and the Popmoney users who value flexibility and options."
"This is a milestone for Visa. We are extending the utility of our global network from payments at the point of sale, to payments among individuals," said Matthew Dill, global head of personal payments and digital money transfer at Visa Inc. "By working with CashEdge, Visa is enabling financial institutions to extend these new services to consumers and more rapidly deliver Visa personal payments to U.S. consumers."
Popmoney is currently deployed at more than 170 leading U.S. financial institutions, including five top 20 US banks. The service provides support for text messaging, WAP and downloadable mobile applications. To learn more about Popmoney and CashEdge's Intelligent Money Movement Services, visit www.popmoney.com and www.cashedge.com.
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.
About Visa Inc.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks—VisaNet—that is capable of handling more than 20,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.
SOURCE CashEdge Inc.