BECU launches CashEdge’s P2P payments

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Boeing Employees’ Credit Union (BECU), the largest credit union in Washington and one of the top five financial cooperatives in the US, is offering its members CashEdge’s P2P payments service, Popmoney.

BECU has over 600,000 members and has been providing Popmoney through its website since March.

Popmoney is claimed to be the first email and mobile P2P payments service that allows credit union members and bank customers to send money directly from their online or m-banking service, using the recipient’s email, mobile number or bank account information.

Popmoney supports SMS, WAP and downloadable mobile applications, enabling financial institutions to extend the P2P function to mobile phones, and the service is free of charge.

Neil Platt, Senior VP and GM, US Banking, CashEdge comments, “We expect that Popmoney will help drive acquisition and client engagement – creating new revenue streams for BECU.”

In 2008 CashEdge’s money movement platform processed nearly $50 billion in funds transfers for bank customers. CashEdge says moving to Popmoney is a simple upgrade for customers using its TransferNow service.