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Aside from the conventional means of making a payment; using a credit card, writing a check, or exchanging information and funds through a 3rd party service such as PayPal or Western Union; the banks have been hesitant heretofore to transfer funds through other banks without a service charge, if at all.
Furthermore, for the most part these processes can tie up funds for several days. In the era of instant gratification, financial services technology provider Fiserv is introducing a new money transfer service which may be available as soon as the middle of this year to banks and credit unions which already have an online bill pay service, according to Jennifer Saranow Schultz on Yahoo.com.
Once the system is in place, people can make money transfers online or from there cell phones that will be available the next day. The demand for this technology is finally flourishing to the point that the company has decided to go forward with the development of this service.
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