Do you recall the times you went out with your friends or family for dinner then you all had to dig into your pockets for cash to settle bills? And for some, it meant pulling out their checkbook to settle their fair share of the bill. Well, it seems those days are gone.
According to a 2017 report of Trends in Consumer Mobility, IOU is fast being replaced by the exchange of funds through peer-to-peer (P2P) mobile payment platforms. With millennials taking the lead in driving the change and generation Z following closely, the sector for mobile payments solutions is expected to continue to experience a steady growth in the years to come.
Community banks are now beginning to warm up to the idea of integrating P2P mobile payment solutions in their banking systems.
One of the big reasons is that unlike Paypal and Venmo, these payment solutions keep the deposits within community banks. This ensures that they continue to have the balances and have a play in P2P space.
With Paypal and Venmo, the deposits are kept them and the banking institutions are not part of the day-2-day transactions.
That said; let’s have a look at top mobile payment integrated solutions for community banks and credit unions.
Zelle is a bank-centric P2P payment solution that allows users to send and receive money through their mobile devices. The platform allows banks to offer P2P payment solutions to its customers and to take back their market share from non-financial institutions.
When adopted by banks, consumers can access Zelle through their banks’ website, mobile applications, or a separate Zelle application linked to their debit card.
- Security: Zelle’s financial institution network does not share customer information and this prevents financial information from being capture in-flight. When accessing Zelle through their bank’s website or mobile application, users are not required to provide sensitive account information that may cause security breaches.
- Speedy transaction: Many P2P applications store customer funds within the application. This could slow up the transfer of funds from the application to the bank or other platforms. Within the Zelle network, enrolled recipients enjoy high transaction speeds that typically take minutes to clear.< /li>
- Fees: Unlike a number of other related applications, Zelle does not charge convenience fees. However, some banks that offer the application to their users through their platforms sometimes elect a fee for such transactions.
- Privacy: You might have heard of applications that allow users to see who their friends are sending money to and receiving from. Seeing as some of this information could be personal, Zelle prides itself in keeping its customers’ transactions private and confidential.
Popmoney is a payment service designed for individuals and small businesses to enable them to move money from one bank account to another. With Popmoney, you can easily send, request, and receive funds from numerous platforms using a mobile device.
- Versatile: Popmoney works with a large network of peer-to-peer payment services providers of about 1400 financial institutions.
- Transaction Tracker: If you sent money to someone but you’re not so sure whether they claimed it or not, you can conveniently trace the pending and cleared transactions from the history tab.
- Payments scheduling: With Popmoney, banks can enable their users to schedule payments to help them take control of their finances while saving time.
- Flexible payment methods: The platform allows users to send payments using email addresses, account numbers or to qualified debit cards.
- Personalized payments: Popmoney allows its users to personalize payments to friends and family with eGreeting and other messages.
This is a digital P2P, B2C, G2C payments platform providing a secure means to banks for their customers to send and receive money from anyone with a US bank account.
Clearxchange also provides information to its member banks to enable them to complete transactions without necessarily having to physically transfer funds. Established in 2011, the platform provides its users with a range of features to enable them to improve their customer experience.
- Security: Other than the security measures provided by each bank, Clearxchange provides an additional layer of security to its user to guarantee the safety of their finances through the use of password, PINS, and so on.
- Wide network coverage: Having been around for close to a decade now, Clearxchange has some of the top banks in the US under their network; this has given them a chance to improve the services offered to its network of users continually.
- Direct bank transfers: The application enables users to send funds directly to their bank accounts in real-time.
PeoplePay is a personal payment service that lets users send and receive money to and from anyone with a US bank account in a safe and secure way within 24 hours. You only need to have the other person’s mobile number or email address to make payments. Using PeoplePay, banks can spare their users the trips to the ATM or making cheque payments.
- Convenient money transfers: The platform allows you to make money transfers to people within and outside your bank.
- Quick funds transfer: PeoplePay offers faster transfers that typically take no more than a day.
- Easy to access: Users can enjoy access to the platform through their online bank platforms or the PeoplePay mobile application.
- Works 24/7: PeoplePay operates twenty-four hours a day for seven days a week to enable its network of users to benefit from the platform’s convenience at all times.
- Transactions are mostly free: The platform does not charge any fees to its network of users; however, banks may require some extra fees for certain services.
FIS is a payment platform that enables banks to win with mobile payment services. The solution provides banks with the features their customers love and wish to have, from making transfers to viewing transactions and balances. The solution offers a host of other incredible features that not only attract customers but also delivers value while at it.
- Easy check deposits: FIS ensures that users of the platform easily make check deposits into their accounts by taking a photo of the cheque and uploading the picture to the system for clearance.
- Pay bills conveniently: With FIS, banks can enable their customers to easily select the account to pay from, enter the payee details, and select pay to settle their utility bills, mortgage payments, among others payments.
- Easy P2P payments: Users of the platform can send on-demand payments to their friends and family in the form of eGifts using their mobile numbers or email addresses.
- Analytics: With the platform, banks can benefit from the information offered by the inbuilt analytical tools to analyze key customer information.
- Inbuilt financial calculator: The platform offers its users the ability to conveniently estimate the rates of loans, credit cards, savings goals, and much more.
6. FISYNC Dwolla
FISYNC is Dwolla’s peer-to-peer payment service that allows for the transfer of funds at meager costs and in real-time. By building the system from the ground up, Dwolla has been able to eliminate a lot of issues that might otherwise have occurred including ACH, which arises from supporting a legacy system.
- Improved security: FISYNC offers a range of security measures to its users including PINS, passwords, email notifications, and other authentication techniques to provide a more secure platform than most traditional banking systems.
- Real-time transactions: FISYNC users can transfer funds to and from their accounts, to other individuals and businesses in real-time unlike the two-to-three days taken by conventional banking systems.
- Mobile transactions: With FISYNC, banks can make it possible for their customers to conveniently purchase goods and services or send money to other users using the platform’s Android or Apple application.
- Available to banks at no charges: The application is freely available to banks and related financial institutions.
This is a hosted solution developed by Fiserv to grant community banks the right tool to provide world-class mobile payment services to their customers. With Mobiliti, banks can offer their customers the power and convenience that comes with mobile payment technology.
- Easy integration: Mobiliti integrates fully with community banking systems to provide seamless end-user experience.
- Wide functionality: The platform provides its users with detailed functionalities relating to banking, alerts, and payments including payments approval, multi-user options, and more.
- Available on devices: The application can be downloaded by users on different gadgets such as smartphones, tablets, and computers.
- Detailed reporting metrics: With Mobiliti, banks can gain access to crucial customer information including their preferences, the transactions speeds of their system, and so on which can help customize or improve their services accordingly.
- Location services: Users of this solution can be able to access banks or ATMs that are closest to where they are using the application’s inbuilt bank services locator.
Payveris offers person-to-person payments that enable banks’ customers to send funds from their accounts to others through the web, smartphone, or tablet. The unique features in this platform provide a flawless user experience when making payments at any time, anywhere, using any mobile device.
- Convenient payment methods: Users of the platform can easily pay bills anytime, anywhere.< /li>
- Easy money transfers: Payveris offers a secure platform for bank customers to send money to other people using their email address or phone number. Users can also transfer money from one account to another in different banks.
- Connects users: This mobile payment solution connects financial institutions, businesses, and individuals in the payments process.
Whether you are settling a bill, paying a friend, or making any other form of payments, these and other P2P mobile payment solutions make sending and receiving money much easier and secure. They integrate with banks and credit card companies to enable users to transfer money to whoever they wish to in a fast and convenient way.