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Fifth Third Bank taps mobile payments service to accommodate consumersBy
The bank is using CashEdge’s Popmoney email and mobile payments service which will be offered to consumers in mid-2011. Customers can send money from their online or mobile banking by using a recipient’s email, phone number or bank account information.
“Fifth Third is continuing to offer our customers simple and secure services to assist with their everyday life,” said Larry McClanahan, vice president and director of alternative delivery at Fifth Third Bank, Cincinnati, OH.
“Person to Person payments is a natural progression in the advancement of solutions to meet our customer’s needs,” he said.
Fifth Third Bank http://www.53.com operates 16 affiliates with 1,311 full-service banking centers, including 103 Bank Mart locations open seven days a week inside select grocery stores and 2,433 ATMs.
CashEdge http://www.cashedge.com provides services for financial institutions, including mobile and email person-to-person payments, account transfers, account opening and funding, small business applications and financial account aggregation.
Fifth Third Bank is offering the mobile service after seeing a significant increase in demand from banking customers.
The Popmoney service supports SMS, WAP and downloadable mobile applications.
Additionally, the service offers multiple transfer options, including one-time, recurring or future-dated payments.
“Our customers are looking for services to simplify their lives,” Mr. McClanahan said. “Alternative solutions like mobile payments provide customers with service selections that provide additional convenience.
“Mobile usage continues to grow and mobile solutions are an important part of Fifth Third’s strategy,” he said.
The year of mobile banking
Banking centers in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia,Pennsylvania, Missouri, Georgia and North Carolina plan to implement the service.
“We are finalizing plans to communicate this service, scheduled to roll out this summer,” Mr. McClanahan said. “We have a number of enhancements in our mobile and online banking platforms planned in 2011 to provide convenient solutions to our customers.
“We expect 2011 to hold a number of exciting announcements in these areas,” he said.
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