Fiserv Unveils the NOW Network (Nov. 10, 2014)
As payment options multiply, Fiserv Inc. wants financial institutions to be able to serve their customers no matter how or when they want to pay. The financial services technology provider has introduced the NOW Network, a payments network that brings together bill pay, P2P payments and account-to-account transfers on a single platform. As the network evolves, consumers ultimately will have access to payment features through their financial institution enabling them to move and manage money at the time they choose: instantly, same-day, next-day or on a scheduled date, according to the Brookfield, Wis.-based company.
“The point of the network is to seamlessly connect all the entities someone would want to pay—other people, billers, online merchants, etc.—so that payments are really simple for the consumer,” Matt Wilcox, Fiserv senior vice president, marketing strategy and innovation, tells Paybefore. “Payments would be initiated from a financial institution, through mobile or online banking, for example, with any of the payment types able to be initiated from a single user interface.”
The NOW Network also benefits financial institutions by eliminating redundant back-end systems. “It would be a differentiator for a financial institution because it would be a better, more seamless payments experience than what exists today,” Wilcox adds. Click here to see Fiserv’s video on the Now Network.
Fiserv also recently launched a payments service to make it easier for businesses to pay consumers electronically, Popmoney for Disbursements. The service, which takes aim at replacing checks, is part of a suite of products anchored by the Popmoney personal payment service that facilitates P2P, P2B and B2B payments.
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