Person-to-Person Payments

PayPal Inc.’s 1-year-old person-to-person payment application for financial institutions is catching on with banks, says the PayPal executive charged with marketing the product, part of a collection of payment services PayPal introduced when it opened its platform to outside developers last year. Dan Schatt, senior director and head of financial …

If one PIN-debit system for Internet payments is good, three are even better in the eyes of the Shazam electronic funds transfer network. The network on Wednesday announced it has become the first network client of a new online PIN-debit platform from e-commerce systems provider CardinalCommerce Corp. Shazam now has …

A dramatic downdraft in overall mobile-phone ownership has robbed mobile banking of its forward thrust, but the rapid rise of smart phones is compensating for much of that loss, a new research report says. Indeed, smart phone ownership will exceed that of so-called feature phones as soon as next year, …

Forming a mutual-aid society of sorts, mobile-payments technology provider Obopay Inc. and payment processor First Data Corp.’s Star electronic funds transfer network on Wednesday announced that Obopay’s new Mobile Money for Banks service would incorporate Star’s Expedited Transfer Service. The arrangement potentially gives Obopay as it ramps up its U.S. …

JPMorgan Chase & Co. burst onto the consumer mobile remote deposit capture stage in a big way last week when it unveiled an updated online-banking app for Apple Inc.’s iPhone and iPod touch that facilitates remote capture and, for added measure, person-to-person payments. The application makes Chase the biggest bank …

The founders of the much-hyped Square Inc. payments system may have wowed a full-house crowd of bankers on Monday, but they added little to public understanding of how their product will actually work and how it will stack up competitively with similar offerings for mobile merchants. While polite and talkative …

Banking-services provider Fiserv Inc. announced on Monday a free widget that will let banks readily create a simplified bill-payment function on the so-called landing page of their online-banking sites. The widget, which starting some time in the second quarter will also enable person-to-person payments, is a piece of code that …

With an eye on the image-exchange networks banks have built since Check 21 took effect more than five years ago, analysts at the Federal Reserve Bank of Chicago and the head of the rules-setting organization for image exchange are proposing a new form of payment that would allow consumers and …

American Express Co. is acquiring Revolution Money Inc. for $300 million in a move the two companies say will help the travel-and-entertainment card giant move into next-generation electronic payments while providing a major boost for Revolution's nascent Internet-based payments platform. The deal enhances AmEx's position in the alternative-payments niche, but …

Mercantile Bank of Michigan has an answer for observers who want to know why financial institutions are starting to show an interest in person-to-person payments. It comes down to competition for deposits, says John Schulte, senior vice president and chief information officer at the bank, which will introduce a commercial …