PULSE and Obopay Collaborate to Provide Real-time Payment Solution
23 Febbraio 2012 - 3:00PM
Business Wire
PULSE, one of the nation’s leading debit/ATM networks, and
Obopay, a leading provider of instant mobile payment solutions for
market-leading brands, have agreed to enable real-time money
transfer capabilities for PULSE financial institution
participants.
As a result of the PULSE and Obopay agreement, issuers on the
PULSE network can offer real-time person-to-person (P2P) and
account-to-account transfer (A2A) services based on the Mobile
Money for Banks and Credit Unions offering from Obopay.
Participants’ account holders also can receive funds from other
institutions to their debit card accounts instantly.
“Combining our extensive debit network with Obopay’s broad range
of mobile money solutions gives consumers a faster and more
efficient way to pay with their debit card, while also enabling new
revenue generating opportunities for our participants,” said Judith
McGuire, Executive Vice President of Product Management at PULSE.
“A growing number of mobility-minded consumers require instant
payments and transfers. The agreement with Obopay is one way we can
help facilitate that for our financial institutions and their
account holders.”
Mobile money solutions – including instant payment applications
for P2P payments, A2A transfers, personal payment acceptance and
more – are now available to PULSE network participants.
Ohio Valley Bank is the first PULSE participant to take
advantage of the joint offering.
“Leveraging the connectivity and settlement process we have in
place with PULSE enables us to offer this real-time service,” said
Tony Staley, Project Manager, Product Development, of Ohio Valley
Bank. “Many banks offer one- or two-day transfers and payments. We
can now offer instant payments and expect to attract new customers
by providing them with a differentiated service.”
The Obopay and PULSE collaboration provides a significant
advantage over payments via Automated Clearing House (ACH), which
often take several days to process. Additional advantages for
both financial institutions and account holders include:
- Real-time authorization – eliminates
non-sufficient fund (NSF) risks and ACH returns
- Interchange from funds transfers for
financial institutions – turns an expense into a revenue
source
- Superior user experience – enables
users to enter debit card numbers rather than bank account and
routing numbers
- Expedited deposit – customers receive
money faster into their own accounts
To take advantage of the new offering, PULSE participants
leverage the existing connectivity and settlement processes they
already have in place with the network. This makes it easy for
participating financial institutions to add new solutions without
the need for core banking system integration.
“Enabling real-time access to funds directly from consumers’
accounts distinguishes us from other payment providers,” said
Michael Diamond, Senior Vice President of Business Development for
Obopay. “Ours is the only solution in the industry to offer instant
transfer capability across financial institutions and payment
networks. This enables us to help meet consumers’ real-world
payment needs, which can range from getting funds to family members
to getting paid for goods and services as quickly as possible.
Together with PULSE, we provide quick and easy mobile payment
solutions.”
About PULSE
PULSE, a Discover Financial Services (NYSE: DFS) company, is a
leading debit/ATM network, serving more than 6,300 financial
institutions across the United States. This includes 4,300 issuers
with which PULSE has direct relationships and more than 2,000
additional issuers through agreements PULSE has with other debit
networks. PULSE links cardholders with ATMs and POS terminals at
retail locations nationwide. Through its global ATM network, PULSE
provides worldwide cash access for Diners Club and Discover
cardholders through more than 800,000 ATM locations. The company
also is a source of electronic payments research and is committed
to providing its participants with education on emerging products,
services and trends in the payments industry. For more information,
visit www.pulsenetwork.com.
About Obopay
Founded in 2005, Obopay Inc. (www.obopay.com) offers
partner-branded mobile money technology and services that transform
any mobile phone into a convenient and easy way to send and receive
money, disburse funds, get paid or pay small businesses, top-up
accounts, buy via mobile and pay bills. Obopay’s mobile money
services enable Obopay’s partners to address the needs of consumers
and businesses around the world by providing a service that
delivers value, empowers lives, and improves opportunity for
merchants. Obopay believes the power is in the network and has
established partnerships that include Nokia, MasterCard, AT&T,
Verizon, Essar, Union Bank of India, Yes Bank in India and Societe
Generale. The company’s offering enables partner-branded mobile
money services that can be implemented quickly at low deployment
cost. Obopay has corporate headquarters in Redwood City, Calif. and
offices in Mumbai and Bangalore, India.
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