August 22, 2018 08:00 AM
“Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it.” It’s a great quote, but it’s from a simpler time before smartphones and 24-hour everything. The speed of life keeps accelerating, and your customers expect services at that same fast pace – and with innovative real-time payment options from Fiserv, you can give them the immediacy they need.
P2P transactions are electronic money transfers made from one person to another through an intermediary service. “P2P payments are skyrocketing. Real-time payment delivery has become a consumer expectation,” said Bruce Brawner, director of business development at Fiserv. Leading the P2P pack is Fiserv’s Zelle® payment service, which launched in 2017. With Zelle, consumers can quickly send and receive payments through the security of their banking app, creating a universal alternative to cash and checks. More than 10 financial institutions are live on Zelle and nearly 100 financial institutions are in the process of going live. “Financial institutions are seeing double-digit growth in transactions,” said Brawner.
Digital Bill Payments
Real-time payment goes beyond P2P. Customers also expect to be able to safely and quickly pay bills online. According to Fiserv’s Eighth Annual Billing Household Survey, “Seventy percent of customers expect same-day credit for bill payments.” CheckFree RXP® – the industry’s leading electronic billing and payments solution – supports same-day payments, plus overnight checks. The solution also includes full-service payment processing and FraudNet™ – a powerful turnkey networked fraud detection and prevention system. CheckFree RXP is “used by nearly 4,000 financial institutions, including eight of the top ten U.S. banks and six of the top ten credit unions,” said Brawner.
According to a 2017 study by Javelin Strategy, “Online transfers from financial institutions grew by 28 percent in 2016.” Consumers demand the ability to immediately move money between accounts securely. With TransferNow® – Fiserv’s A2A funds transfer solution – they can do this at nearly every U.S.-based financial institution. In fact, “Seven of the top ten U.S. banks offer TransferNow,” said Brawner. The key to the solution’s success lies in real-time connectivity, offered by the NOW® Network, in which accountholders can move money between two instant-enabled accounts at two different financial institutions. All in all, TransferNow has helped “move over $103 billion in A2A transfers annually,” said Brawner.
Ready to pick up the pace? Join Fiserv at NCR Innovation Conference 2018 to learn what their real-time payment options can do for your customers.