Fiserv Inc. plans to leverage its CheckFree bill pay network for a new person-to-person (P2P) service that will allow users to send payment to anyone with an e-mail address or mobile phone number.
The company said its ZashPay service will be available to the more than 3,100 financial institutions and 16 million consumers using CheckFree, which last year processed about 1.35 billion payments. It also will be available through a public website to consumers whose financial institutions are not part of the CheckFree network.
Instead of using a third party, payments will be deposited directly into the recipient's account or the money can be claimed at the ZashPay website and funds will be delivered in as little as one business day, Fiserv said.
"Consumers are looking for faster and easier ways to send and receive money among their friends, family, neighbors and colleagues, yet current electronic payment options are often a hassle and too slow," said Erich Litch, senior vice president and general manager of consumer services at Fiserv in Brookfield, Wis.