Fiserv Inc. is promoting the real-time version Popmoney person-to-person payment service as a companion to its online bill payment offering.
The real-time service, called Popmoney Instant, is available at banks ranging in size from the top five in the country to community-based institutions, said Jeffery Yabuki, Fiserv's president and CEO, during the company's July 29 second-quarter earnings conference call. The financial technology vendor now supports real-time payments at 170 locations, he said.
"When we first started selling P2P we were really focused on building the network, and that predated real-time," Yabuki said. "So now we're needing to go back in, and for those institutions that have made their Popmoney selection, we are looking at adding real-time."
When adding real-time clearing of P2P payments, Fiserv clients have the option of incorporating expedited payments into online bill pay if they use CheckFree RXP, Yabuki said.
Though the vendor markets Popmoney as a P2P product, "in the use cases, Popmoney looks more like a bill-pay technology than it does for splitting a dinner or cab ride technology," Yabuki said.
Of the nearly 4,000 Fiserv client banks, about 1,600 of those institutions support same-day or overnight payments, he added.
"We are seeing institutions pick and choose on how they are currently looking to basically wire the solutions together," Yabuki said.
Fiserv expanded its instant payments capabilities to the mobile version of Popmoney in September of 2013. The Brookfield, Wis.-based company obtained the Popmoney product through its 2011 acquisition of CashEdge.
Fiserv speeds up person-to-person money transfers by processing those transactions across debit networks rather than routing them through the Automated Clearing House.