Fiserv, a provider of financial services technology solutions, has launched a new service that streamlines and speeds the currently check-dominated process used by businesses to send payments to consumers.
The new service, known as Popmoney for Disbursements, is part of a suite of products anchored by the Popmoney personal payment service that facilitates electronic payments between people and other people, people and businesses, and businesses and other businesses.
Popmoney for Disbursements is aimed at businesses that make regular payments, also known as disbursements, as well as financial institution treasury departments that make payments on behalf of corporate clients.
Primarily, the service is intended for use by businesses to pay consumers, however it can also be used to pay other businesses.
Tom Allanson, division president of electronic payments at Fiserv, said: "In the payments world, paper often means pain, and that’s where Popmoney comes in.
"Popmoney for Disbursements creates a conduit for businesses to send payments to consumers in a very efficient, streamlined way. The service addresses the existing pain points with these transactions."