HOUSTON – PULSE Network and Obopay said this morning they will enable real-time money transfer capabilities for PULSE credit union and bank participants.
Credit union issuers on the PULSE network will be able to offer real-time person-to-person and account-to-account transfer services based on the Mobile Money for Banks and Credit Unions offering from Obopay. Participants' account holders also can receive funds from other institutions to their debit card accounts instantly.
The PULSE offering provides a significant advantage over payments via Automated Clearing House, which often take several days to process, including:
-- Real-time authorization -- eliminates non-sufficient fund risks and ACH returns
-- Interchange from funds transfers for financial institutions -- turns an expense into a revenue source
-- Superior user experience -- enables users to enter debit card numbers rather than bank account and routing numbers
-- Expedited deposit -- customers receive money faster into their own accounts
"Combining our extensive debit network with Obopay's broad range of mobile money solutions gives consumers a faster and more efficient way to pay with their debit card, while also enabling new revenue generating opportunities for our participants," said Judith McGuire, executive vice president of product management at PULSE, a unit of Discover Financial Services. "A growing number of mobility-minded consumers require instant payments and transfers.”
PULSE is a leading debit/ATM network, serving more than 6,300 financial institutions across the U.S., including 4,300 PULSE and more than 2,000 additional issuers through agreements PULSE has with other debit networks.
