Fiserv Personal Payments Service Gains Momentum

NACHA Payments Booth #400  – Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced that the company’s soon-to-be launched personal payments service is generating strong interest among financial institutions. The service, which is built into the CheckFree(R) RXP(R) online bill payment service used by more than 3,100 financial institutions and 16 million consumers, provides financial institutions the ability to tap into a community where consumers can quickly move funds among each other using their existing accounts. More than 40 institutions, including two of the top 10 credit unions in the U.S., have already committed to offering the service at launch, and more institutions are signing up each day.

The personal payments service from Fiserv, which will allow users to send or receive money person-to-person (P2P) using their existing online banking relationship, is scheduled to be available in the summer of 2010.

“The online channel has become a cornerstone of our relationship with our members, and offering an integrated, easy-to-use personal payment option will add even more value to our online branch,” said Rich Syme, senior vice president, America First Credit Union. “We want to make sure that our members leverage their account with us for their financial transactions. Person-to-person payments are made frequently, and the new service from Fiserv will make sending and receiving money more convenient for our members, giving them another reason to interact with us each day.”

“The growing number of institutions that have committed to offering the service prior to its launch is evidence of the excitement around person-to-person payments, which has been particularly strong among our credit union clients,” said Erich Litch, senior vice president and general manager, Consumer Services, Fiserv. “These institutions see the value of providing more flexible digital payment options to their customers and members, and each day more banks and credit unions are signing up to offer the personal payments service. This large network of participating institutions through which consumers can use their primary accounts to make personal payments will enhance the value of the service and contribute to its long term success.”

The personal payments service from Fiserv will be made available initially to financial institutions using the CheckFree(R) RXP(R) online bill payment platform, with other financial institutions able to connect to the payments network through web services after the initial launch of the service.

A survey of 1022 U.S. consumers conducted by Fiserv in June 2009 found significant interest in personal payments, with 70 percent of those surveyed expressing interest in such a service. Three out of four respondents would prefer a service offered by their financial institution, and 83 percent of respondents say it?s important for money to be deposited directly into a recipient?s bank account, as opposed to other methods.

Users of the personal payments service from Fiserv will be able to send money to anyone, regardless of the recipient?s financial institution relationship. Using an e-mail address or mobile phone number, consumers will be able to repay a friend, contribute to a fundraiser, pay team dues, pay allowances or even pay the babysitter. Payments will be deposited directly into the recipient’s account and confirmation of payment will be sent to the recipient’s e-mail address or mobile number. Payments will be securely processed through the Fiserv industry leading online payment network, which in 2009 processed 1.35 billion online bill payments for more than 3,100 financial institutions, including most of the largest banks and credit unions in the U.S.

About America First Credit Union

America First Credit Union was founded at Fort Douglas in Salt Lake City, Utah, on March 16, 1939, by a small group of people determined to form their own cooperative to promote their collective economic well-being.  In its 71-year history, America First has become one of the largest, most stable and most progressive credit unions in the country, and has remained a member-owned, not-for-profit cooperative financial institution.  Today, America First has 100 branches, and is the 11th largest credit union in assets in the United States with more than $5 billion, and the 7th largest credit union in membership in America with over 529,000 members.

About Fiserv

Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry, Fiserv celebrated its 25th year in 2009. For more information, visit

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