Regions Bank in Birmingham, Ala., is teaming up with person-to-person payments provider ZashPay to let its customers transfer payments to family members, friends and other individuals without ever having to write a check.
The $132 million-asset bank said Monday that it has introduced a new service, Regions Personal Pay, that allows customers enrolled in online banking to send or receive payments electronically to any individual who has a U.S. bank account. Once enrolled in Personal Pay, customers will only need a recipient's email address or mobile phone number to transfer the funds. There is a $1 charge to send funds, but there is no charge to receive the funds.
The service is part of the ZashPay network, which includes more than 700 financial institutions and more than a million registered users. ZashPay is owned by Fiserv Inc.
Regions has been beefing up its offerings in person-person payments in hopes of generating new sources of revenue. Last month it announced that it will soon offer Western Union's money-transfer services at all of its roughly 1,700 branches.
