BROOKFIELD, Wis. – Fiserv has announced plans to roll out a person-to-person payments service, which will allow consumers to send money to one another using their existing online relationship.
The yet-to-be named service is set for rollout in the first half of 2010 among users of the company’s CheckFree RXP online bill payment platform. Other financial institutions will be able to connect to the personal payments network through Web services following the initial launch.
Fiserv will use the FraudNet automated fraud detection system to detect any fraudulent transactions.
Steve Shaw, director of Strategic Marketing-Electronic Banking Services, told Credit Union Journal during BAI’s recent Retail Delivery Show credit unions will be able to add the P2P function to their existing bill pay service with little trouble.
