LAS VEGAS—Fiserv has introduced a payments solution that allows users to direct payment to a person by snapping their picture with their smartphone.
That is one of the features of Fiserv’s NOW Network announced Wednesday at Money20/20 here. The company said the network is designed around making payments simpler outside the point of sale. NOW Network brings together bill pay, P2P payments and account-to-account transfers onto a single platform.
Jeff Yabuki, Fiserv president and CEO, stated in a blog post that NOW Network connects people to people to and people to businesses in real time. He said to benefit financial institutions, the NOW Network will eliminate redundant back-end systems by combining electronic endpoints and routing capabilities.
The NOW Network will initially support the integration of capabilities such as bill payment, person-to-person payments and account-to-account transfers. “As the network evolves, consumers will have access to a simplified payment experience through their financial institution that enables them to move and manage money at the time they choose: instantly, same-day, next-day or on a scheduled date in the future,” said Yabuki.
Yabuki pointed out that each year more than 55 billion payments are made that don't involve paying for something at a point of sale. “They are payments made by people, businesses, and even governments for everything that you can imagine.”
He said these payments tend to be slower, and are often paper-based, and don't always deliver the speed and convenience. “In addition, the payment experience is fragmented, with multiple solutions and providers forming and sometimes disintermediating the payments value chain for consumers and financial institutions. . . We believe that when people, their money, and those they pay are all connected, the payments experience becomes profoundly simple.”
Get a glimpse of the NOW Network.
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