Patelco adds person-to-person payment featureAs most banks were busy weathering the fallout from the financial crisis, in mid-2009 Patelco Credit Union already was looking to the future.
Electronic bill pay helps customers online, on Smart phones
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."