U.S. Bank has improved its mobile banking applications with the ability to send cash instantly to others.
U.S. Bank has offered peer-to-peer money transfers for more than a year, but before today they required a waiting period. The new service makes transfers instantaneous and offers receipts for both parties. U.S. Bank further improved its mobile apps with the ability to request money so, for example, a college student can send a cash request to his or her parents. These new features are also available though U.S. Bank’s web site.
The instant payments are sent using Fiserv’s Popmoney Instant Payments service. U.S. Bank says the recipient’s bank needs to participate in Fiserv’s Popmoney service in order for instant transfers to work. U.S Bank customers can update their Android and iOS mobile apps via the respective app stores.
