Payments

One of the largest privately-owned bank launches Instant P2P payments

First National Bank launches pop money Instant payments which is a newly added feature to the existing Popmoney (a Fiserv solution) personal payments. It acts as p2p payments and enables individuals to send and receive payments electronically and is designed in a manner to replace traditional payments. First National Bank of Pennsylvania is one of the first banks in the country, and the first bank in Pennsylvania, to introduce Popmoney. First national Bank customers with their FNB debit card will be able to transfer money in real time to others.

Email and mobile P2P social payments are a natural next step in bank’s online and mobile banking roadmap. Fiserv's Popmoney is used by 2,000 financial institutions for this reason. The Instant Payments feature in Popmoney facilitates real-time payments. This has been made possible by Fiserv via connections with its solutions such as Accel and non-Fiserv networks, as well as other connection points.

F.N.B. Corporation headquartered in Hermitage, Pennsylvania, is a regional diversified financial services company operating in six states and three major metropolitan areas including Pittsburgh, PA, where it holds the number three retail deposit market share, Baltimore, MD and Cleveland, OH. The Company has total assets of $13.4 billion and more than 265 banking offices throughout Pennsylvania, Ohio, West Virginia and Maryland. F.N.B. provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network, which is led by its largest affiliate, First National Bank of Pennsylvania.

For using the popmoney instant payments the user has to follow the following steps:-

  • User need to setup their account by logging in to FNB-Online Banking and select Popmoney under the Pay Bills tab.
  • Then user needs to enter their contact details by selecting the preferences option.
  • Once the contact detail is entered user can send and receive the money in real-time using popmoney instant payments.

Popmoney, a Fiserv product which FNB has offered since 2012 has the following features:-

  • It allows FNB customers to quickly and easily request money or send payments using the recipient's email address, mobile phone number or bank account information.
  • Customers will now be able to send money immediately, without the need for cash or the traditional delays associated with making payments, such as check or automatically clearing house and without the hassle and expense of a wire transfer.

According to Samuel Kirsch, SVP of Electronic Delivery.  "We already match services offered by some of the largest financial institutions in the nation, and we will continue to use leading edge technology to meet the rapidly evolving needs of our current customers and to attract new customer

FNB customers enrolled in Popmoney will see a new instant payment option within Online Banking when entering a payment to an eligible recipient. It gives the option leverages the customer's debit card to increase the speed of the payment, therefore requiring the sender and recipient of Popmoney Instant Payments to have a debit card in the STAR or Accel network to take advantage of this service. This new feature further reinforces FNB's commitment to investing in technology to add value to customer relationships. In April of this year, First National Bank significantly enhanced both its Mobile and Online Banking services.

Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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