TD Bank Chooses Popmoney in Big Win for Fiserv
TD Bank, the nation’s 10th-largest bank by assets, has chosen Fiserv’s Popmoney money movement service for its retail banking customers.
The news was announced by the bank Monday.
It’s about time TD added a person-to-person (P2P) payments option. P2P payments are table stakes today.
The TD win adds another large bank to Popmoney’s impressive customer list, which includes many of the nation’s largest banks, such as PNC, Regions, Citibank and US Bank.
Popmoney is a person-to-person payment service that allows money to be sent directly from one individual’s account to the account of another. Popmoney offers “instant payments” as well, which means the transfer takes place within seconds, according to Fiserv. Expedited payments such as this typically carry a fee.
The table of payments for Popmoney was sent to Bank Innovation by TD Bank:
Person-to-Person Payments (Popmoney):
3-day delivery (initiated via TDB account) – $1.00
Next-day delivery (initiated via TDB account) – $7.00 (!)
Request funds from others (initiated via TDB account) – $1.00
Transfer to non-TD Bank customers via the 3-day option will cost $3.00. The Popmoney website says customers of non-Popmoney banks can use the nonexpedited service for $0.95, $0.05 less than TD Bank is charging.
Eric Springer, TD’s assistant vice president for corporate communications, described the bank’s decision to go with Popmoney this way:
Having partnered with Fiserv to launch TD Bank Bill Pay in the last 12 months, adding their Popmoney service was a natural fit to provide our customers with a full-range of money movement services with the convenience they expect from us. Popmoney is a recognized person-to-person payment service, and it is important that our customers feel confident that their payments are delivered securely, on time and as expected.
Real-time payments are a touchy subject in banking today, with NACHA recently promoting a plan for same-day settlement of ACH within two years, and critics saying that would be too little, too late. Popmoney is one of the few US money movement services offering instant or real-time payments, but TD is not offering that at this time.
