UMonitor’s financial-institution customers now may offer consumers person-to-person funds-transfer services to make payments via mobile phones or e-mail, the Web-based division of Memphis, Tenn.-based Parsam Technologies LLC reported on Sept. 14.
The service enables consumers to electronically send and receive funds to and from any third party with a U.S. bank or credit-union account.
The P2P service is available for uMonitor’s existing institution clients already using uTransfer Release 5.0, the division’s account-to-account funds-transfer services platform, uMonitor said in a recent news release.
Through uTransfer, financial institutions may offer both P2P and account-to-account funds-transfer services but also have the option to offer only one of the services to consumers. Financial institutions also may add parameters such as usage fees, daily or weekly limits, standard or express transfers, and transaction-level authentications, the company said in the release.