Agreement Enables Instant Payment Connectivity to Debit Card
Accounts at Participating PULSE Financial Institutions
HOUSTON & REDWOOD CITY, Calif.--(BUSINESS WIRE)--Feb. 23, 2012--
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.
Source: PULSE
Obopay
David Schwartz, 650-264-2080
dschwartz@obopay.com
or
PULSE
Patty
Sendelbach, 832-214-0395
patty.sendelbach@pulsenetwork.com