HOUSTON and REDWOOD CITY, Calif. (2/27/12)--Pulse and Obopay will work together to enable real-time money transfer capabilities for financial institutions that participate in Pulse's debit/ATM network.
The agreement between Pulse and Obopay enables Pulse network issuers to offer person-to-person (P2P) and account-to-account (A2A) transfers using Obopay's Mobile Money for Banks and Credit Unions service. The service employs Pulse's existing connectivity and settlement processes.
Accountholders at participating financial institutions can also instantly receive funds from other financial institutions in their debit accounts.
A joint Pulse and Obopay statement said advantages for financial institutions include real-time authorization for transactions, interchange income from fund transfers, a simplified user experience and expedited deposits for members.
"A growing number of mobility-minded consumers require instant payments and transfers," said Judith McGuire, Pulse's executive vice president of product management.