Fiserv brings mobile banking person-to-person with ZashPay

Fiserv is a big financial services provider, and also what you might call a mobile payments “enabler”. For months, we’ve reported as Fiserv provides mobile banking services to smaller, regional banks and credit unions. Today, it’s aiming even smaller – with a person-to-person mobile payment system called ZashPay.

What’s the story?

ZashPay hooks up the users mobile phone with their existing online bank account. You can then use it to send or receive money using only a mobile number. Most services like this require you to do it through your bank – it would need to participate in the mobile scheme. ZashPay allows you to do it even if your bank isn’t involved… as long as your comfortable giving them your details. You can sign on with your bank, or through ZashPay.com.

How does it work?

You can send money to someone through your phone – all you need is their name and either their e-mail address or phone number. The money goes straight from your bank into theirs.

The service is fast as well. If you send someone money, they should have it by the next day. The reason for this is because it goes straight from your account. ZashPay doesn’t setup a holding account, and doesn’t do credit transactions.

What we think?

This is really about trust. As long as you trust ZashPay with the ability to take money out of your account, this service is perfect for you. The thing is, we’re not talking about some hungry start-up here. Fiserv is a well established company that has been around since 1984, with 16,000 clients globally. It’s no greenhorn when it comes to mobile, either. Fiserv has been mobilising banks all over America, and just two days ago it announced that 150 Credit Unions have gone with Fiserv and its’ Mobile Money service to offer mobile finances to their customers.

To be honest, I think the work being done by companies like Fiserv are the most likely to fully legitimise mobile payments. If your financial services provider (bank, credit union, etc.) offers you mobile finances, you’re more likely to accept it then from some 3rd party. So while it’s a great service, I can’t imagine ZashPay will get a lot of use from people who aren’t getting it straight from their bank.