PURCHASE, N.Y. (9/10/10)--MasterCard announced that MoneySend is available for BlackBerry smartphones, so users can transfer money in the U.S. from person to person through financial institutions including credit unions. MoneySend, available for free download on BlackBerry App World, allows users to send or request money with their BlackBerry smartphones through participating credit unions and banks, or when they create a virtual prepaid account through Bancorp Bank. Users can link their debit or credit cards, or checking account to a prepaid account and send money through the smartphone. The account funds the transaction. Users can manage and trigger the exchanges through the application. Personal financial information is never stored on the BlackBerry, MasterCard said. MoneySend users can accept credit or debit card payments, send money to family members, pay for goods and services, request money from people who owe users and send a transaction history from a Blackberry. Jack Henry also has introduced a standalone version of iPay--TheWayiPay, which allows users the ability to send and receive money online. (SEE RELATED: Jack Henry announces TheWayiPay).
MONETT, Mo. (9/10/10)--Jack Henry announced TheWayiPay, the standalone version of the iPay person-to-person (P2P) electronic payment solution, will be available in the fourth quarter. TheWayiPay allows anyone with a bank account to use that account to send and receive money. The service is accessible through credit unions’ and banks’ Web sites and leverages the same secure processing as online banking transactions. Payments can be made using only the recipient’s name and e-mail. The money is deducted from the sender’s account and deposited directly in the recipient’s account in one to three business days with payment confirmations sent to the recipient’s e-mail address. iPay’s P2P service is used by more than 2,150 financial institutions. It has supported more than 5.5 million person-to-person payments with more than 96,000 monthly transactions ranging from $1 to $10,000. Because of iPay’s acceptance in the financial industry, TheWayiPay is expected to generate significant interest, Jack Henry said. “We believe the speed and convenience of P2P transactions could fundamentally change the payments business,” said Bill Ready, president of iPay Technologies. About 60 million U.S. households will use P2P by 2014, according to Javelin Strategy and Research.