CashEdge launches Popmoney for small business customers

The new service is set to provide small businesses with the ability to pay their vendors and employees electronically using either an email, a mobile phone number or an account number. In addition, small business users will gain the ability to handle invoicing transactions, receive payments via ACH or credit card, make and track payments, send invoice reminders and view payment history, all directly from their banks online banking portal or mobile application through the Popmoney platform.

Launched in December 2009, CashEdge’s Popmoney allows consumers to send money from their bank account, using a recipients email address, mobile phone number or bank account information. Popmoney provides support for text messaging, WAP and downloadable mobile applications.

Popmoney is based on CashEdges money movement platform, which in 2009 processed nearly USD 50 billion in funds transfers for bank customers. Popmoney includes Popmoney for person-to-person payments; OpenNow/FundNow for new account opening and funding; TransferNow for Consumers, which includes Me-to-Me and Third Party Transfers; and TransferNow for Small Businesses, which includes Invoicing, Me-to-Me Transfers, Employee Payments and Vendor Payments.