SANTA ROSA, Calif.- Redwood Credit Union reported it has introduced a new P2P solution, RCUpay, a fast, easy, and secure way for people to send or receive funds using a mobile device.
“Similar to services like Venmo or Popmoney, RCUpay allows RCU Members to send money to another person, even if the recipient banks elsewhere,” the credit union said in a statement. “The service is designed for any time someone needs to send money to another person, but popular uses include when a group dines out for a meal, one person can pay the bill and the others can send them payment for their share; going in on a group gift or flowers where one person puts it on their credit card, and the others can send their portion to the person who paid; or paying a personal service provider such as a dog-walker or babysitter.”
Similar to other P2P solutions, to use RCUpay the sender logs into their mobile account, selects a recipient and amount, and confirms the transaction—a process that typically takes less 30 seconds to complete, the credit union said. The recipient then receives notification via text message (SMS) or email, and can claim the funds using a unique security word (or code) provided by the sender.
Recipients who bank with RCU can claim money immediately. Those who bank elsewhere will have the money sent electronically and can expect to receive it within two-to-three business days, the credit union said.
“RCU is focused on making banking easier and more convenient, and we’re seeing strong demand for the ability to pay others using mobile devices,” said Ron Felder, executive vice president and chief lending officer at Redwood Credit Union. “We’re committed to making it easier, faster and more secure for people to do things like pay others, make payments and conduct financial transactions quickly, so they can get on with life,” Felder added.