Bank of the West launches virtual money service

Bank of the West, a US-based retail subsidiary
of BNP Paribas, has launched the first payments service allowing
bank customers to send money from their bank account, using a
recipient’s email address, mobile phone number or bank account
information.

‘Popmoney’, a person-to-person payments
service provided by CashEdge, offers an alternative to cash and
cheques and builds on the Third Party Transfer the bank launched in
2009.    

Customers sending money notify a recipient via
e-mail or text message before sending the money straight to the
person’s bank account. 

The service will be free until 30 June, when a
$3.00 charge will apply for each standard delivery transaction, and
$10.00 for a next day transaction. 

The bank recently topped a JD Power survey for
customer satisfaction in California, with a score of 782 (out of
1,000) compared to Union Bank of California’s 771 and Wells Fargo’s
761 (see RBI 632-633).

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