Fiserv’s ZashPay is set to be made available to a network of more than 3,100 financial institutions and 16 million consumers that already use the CheckFree online bill payment service from Fiserv. The service can be used as soon as financial institutions integrate it in to their online banking sites.
The confirmed amount of money will be retrieved from the senders banking account and deposited into the recipients account, utilizing the same processes as in the case of a typical online banking transaction. Confirmation of payment will be sent to the recipients e-mail address or mobile number.
A public website will also allow consumers whose financial institutions are not part of the network to use ZashPay in order to send or receive money. The service will be made available through participating financial institutions and at ZashPay.com early in the summer of 2010.
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