Fifth Third Bank to Offer P2P Mobile Payments

Fifth Third Bank in Cincinnati ($112 billion in assets) has announced plans to offer person-to-person email and mobile payments using the Popmoney service from CashEdge. The service will be offered online through Fifth Third's online banking platform beginning in mid-2011.

Popmoney lets bank customers send money from their online or mobile banking account, using a recipient's email, mobile number or bank account information. Popmoney provides support for text messaging, WAP and downloadable mobile applications.

"CashEdge's Popmoney solution allows us to offer our customers the latest in online money movement functionality," said Larry McClanahan, vice president and director, alternative delivery, Fifth Third Bank. "We are excited to offer our customers a simple and secure way to send funds person to person."

In 2009, CashEdge processed $50 billion in online funds transfers for bank customers.