Pleasanton Weekly

- November 11, 2011

Patelco adds person-to-person payment feature

Electronic bill pay helps customers online, on Smart phones

As most banks were busy weathering the fallout from the financial crisis, in mid-2009 Patelco Credit Union already was looking to the future.

The Pleasanton-based institution sought to improve its competitive position by enhancing its electronic bill pay functionality with person-to person (P2P) payments.

"We saw it as an opportunity to improve customer retention and position ourselves strategically," Anthony Vitale, Patelco's vice president for information technology, said.

Patelco, which is located 4515 Rosewood Drive, has $3.6 billion in total assets. Patelco started by evaluating three vendors in the emerging P2P space. Initially focusing on online banking, it then realized that mobile P2P was critical as well, and ultimately selected New York-based CashEdge, which was subsequently acquired by Fiserv out of Brookfield, Wis.

"At the time, CashEdge was poised to be a market leader in the space," Vitale said. "And its SaaS-based Popmoney rose to the top as the best solution overall."

While no significant challenges arose from a technology or institutional perspective, a user adoption hurdle quickly became clear. So Patelco set out to inform its customers of the electronic bill pay changes and opportunities.

Now, Vitale said, "making a payment is easy. Senders just need a recipient's email address, cell phone number or bank account information."

Comments

There are no comments yet for this post

Don't miss out on the discussion!
Sign up to be notified of new comments on this topic.

Email:


Post a comment

Posting an item on Town Square is simple and requires no registration. Just complete this form and hit "submit" and your topic will appear online. Please be respectful and truthful in your postings so Town Square will continue to be a thoughtful gathering place for sharing community information and opinion. All postings are subject to our TERMS OF USE, and may be deleted if deemed inappropriate by our staff.

We prefer that you use your real name, but you may use any "member" name you wish.

Name: *

Select your neighborhood or school community: *

Choose a category: *

Since this is the first comment on this story a new topic will also be started in Town Square! Please choose a category that best describes this story.

Comment: *

Verification code: *
Enter the verification code exactly as shown, using capital and lowercase letters, in the multi-colored box.

*Required Fields