Regions Bank in Birmingham, Ala., is teaming with Fiserv Inc. to use the vendor’s person-to-person payment system ZashPay to enable its customers to transfer funds to family members, friends and other individuals electronically.
The $132 billion-asset bank has introduced a service, Regions Personal Pay, that enables customers enrolled in online banking to send or receive payments electronically to any individual who has a U.S. bank account, the company announced July 11. Once enrolled in Personal Pay, customers will need only a recipient's email address or mobile phone number to transfer the funds. There is a $1 charge to send funds, but there is no charge to receive the funds.
The service is part of Fiserv’s ZashPay network, which includes more than 700 financial institutions and more than 1 million registered users.
Regions has been beefing up its offerings in P2P payments in hopes of generating new sources of revenue. Last month it announced that it will soon offer Western Union's money-transfer services at all of its roughly 1,700 branches (
Fiserv, of Brookfield, Wis., also has been making a bigger push into the P2P segment. Last month, the company announced plans to buy vendor CashEdge Inc., which sells a competing P2payments service to banks called Popmoney, for $465 million (
