Credit unions and banks using uMonitor's transfer solution can now offer their members and customers both P2P money transfer functionality and account-to-account (A2A) options, the company said.
The P2P payments can be sent by mobile phone or e-mail, and system users can now offer their members and customers P2P or A2A options or both, as well as set fee and usage limits and transaction level authentications, the company said.
The P2P service allows end users to send and receive money electronically from any third party with a U.S. bank or credit union account, said uMonitor, a provider of account opening and funding and other solutions to about 125 clients, including about 60 credit unions.
The new service is part of the latest release of uTransfer, said uMonitor, claiming a market differentiator by its ability to offer P2P on a proven "A2A platform."
"With this latest release of uTransfer, financial institutions have more options for their customers while building their own brand instead of referring their customers to third-party networks," said Dinesh Sheth, CEO of uMonitor in Memphis, Tenn. "It enables expansion into social media, offers payments for small businesses, helps with charitable donations and countless other money transfer services."