Fiserv today launched Popmoney Instant Payments, an update to its person-to-person payment service that allows recipients to see funds in their account within second of when the transaction is initiated.
PNC, which offers Popmoney online and through mobile devices, will be one of the first institutions to use the instant payment feature.
"This feature responds to the demands of our technology-savvy customers to transfer funds any time, any day with immediate access by the recipient. We anticipate great interest in this improved technology," said Thomas S. Kunz, director of E-business and payments at PNC Bank, in a release.
Popmoney Instant Payments uses a portfolio of payments technology from Fiserv, including connections to the Accel payment network. Initially, the service is available to Popmoney clients that are members of the Fiserv's Accel network or First Data's Star Network, which altogether cover hundreds of financial institutions and tens of millions of customers. Popmoney is offered by more than 1,800 financial institutions.
Over time, Fiserv plans to link Popmoney to other networks, the company says.
"We believe real-time payments are increasingly important to consumers in many day-to-day situations, and that includes sending money to people they know or owe," said Rahul Gupta, Fiserv's group president of digital payment solutions, in a release. "Expanding our real-time money movement options to include social person-to-person payments positions our financial institution clients to meet consumer expectations and demand, and is part of an ongoing Fiserv initiative to make faster payment options available to consumers."
PNC and Fiserv did not return requests for comment by deadline. Fiserv this week rebranded its Accel payments network, part of a longer-term effort by the company to integrate Accel with newer products such as Popmoney and the SpotPay mobile card reader.