It's No Facebook, but P-to-P System Fuels Online Social Interaction

By Wolfe, Daniel | American Banker, August 17, 2012 | Go to article overview

It's No Facebook, but P-to-P System Fuels Online Social Interaction


Wolfe, Daniel, American Banker


Byline: Daniel Wolfe

As more consumers try out Fiserv Inc.'s person-to-person payment service, Popmoney, the tool is evolving to become as much a social tool as a payments one.

When users send or request funds, Fiserv presents them with a message field that allows far more flexibility than the short memo line of a check. Some consumers type a simple "Happy Birthday," whereas others provide detailed, itemized breakdowns to account for every penny being transmitted. It's no replacement for Facebook and Twitter, but it shows that users expect recipients to read and respond to their comments as though they were regular emails.

"The payment itself is the least important part of it," says Sanjeev Dheer, president of Fiserv's Popmoney division and the former CEO of CashEdge, which Fiserv bought last year. "Much more important is that the application facilitates that social interaction" illustrated in users' exchanges.

To be clear, Fiserv typically does not read these messages except as required by regulation, such as when other factors trigger a fraud or anti-money laundering alert that necessitates further scrutiny, Dheer says. Fiserv also used a short list of anonymized messages in a presentation to demonstrate Popmoney's use cases, though Dheer stressed this was a "one-time exercise."

Instead, as Fiserv fine-tunes its service it scrutinizes the more impersonal one-word categorizations users have the option to provide as they send or request funds. The categories include rent, childcare, entertainment and others. Fiserv also allows users to add new categories for their own use.

As more users send money to cover rent, for example, Fiserv can consider updating its payment system to make it easier to use for this purpose. For example, Fiserv could add an itemization feature to help a roommate collecting rent money to also request funds for other household expenses.

"We're adapting the application based on how we see people using it," he says. "As we advance the product, we may create specific variations of it that are adapted for those high-frequency uses."

Users can address Popmoney fund transfers to a recipient's email address or mobile phone number instead of needing to know a full account number. There are 1,400 banks that have signed on to use the service, Dheer says, and those banks have roughly 40 million online banking users altogether. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

It's No Facebook, but P-to-P System Fuels Online Social Interaction
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.