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CheckFree now supports A2A transfers P2P payments
BROOKFIELD, Wis. (6/13/11)--CheckFree RXP money movement platform from technology provider FiServ has been expanded to support account-to-account transfers and same-day bill payments. The new functionalities integrate with the existing bill payment and person-to-person payment capabilities available through CheckFree RXP to create a digital payments suite for credit unions and banks. While the elements of this suite can be used separately, they are designed to drive increased transactions when offered together. “Consumers send and receive money many ways every day, and financial institutions can win more transactions by offering a wider set of payment services,” said Tony Catalfano, division president, electronic payments for Fiserv. “Fiserv data show that financial institutions that are offering person-to-person payments along with bill payments are seeing an increased number of overall transactions among users, and we expect to see similar increases with the addition of account-to-account transfers to CheckFree RXP.” The new account-to-account transfer capabilities in CheckFree RXP allows users to transfer funds into and out of checking, savings and money market accounts within the same financial institution or between different financial institutions. Users can choose one-time or recurring transfers, and choose from a variety of alerts and reminders to help them stay up to date on their transfer activity. Account-to-account transfer capability can be integrated into the bill payment user interface or presented independently, depending on the preference of the financial institution. Financial institutions have the option to charge for transfers, and can set separate fees, based on internal or external account transfers. Fees also can be tiered, based on user characteristics through the fee manager capability within CheckFree RXP. CheckFree RXP clients also can pay a variety of household bills through financial institution websites the same day they are due, a service typically only available at biller-direct websites. Consumers will be able to select same day delivery as part of the normal payment scheduling process, for an uninterrupted service experience at the financial institution website.


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