Radius Bank announced today the launch of its own latest digital payment option, a person-to-person (P2P) payment solution called Radius Pay a Friend.
Radius Pay a Friend is the bank’s latest addition to its suite of digital payment options, which include Apple Pay and Radius Pay powered by LevelUp.
“We’ve been working on a service for quite some time,” said Chris Tremont, executive vice president, virtual banking. “We had looked at other choices in the past and never really felt comfortable about the solution. It’s got to be good for the client who’s sending the money and the person who’s receiving the money.”
While customers need to have a checking account with Radius to send money, he said, the recipient does not. A user would access Radius Pay a Friend from their online or mobile banking account and verify the transaction using their debit card PIN. Then the recipient can enter their own debit card or bank account information to collect the money. When the recipient chooses to collect the money using their debit card, the funds are available instantly.
“I think we found a really good solution,” Tremont said. “We did away with some of the clunky experiences of the past.”
In preparing a P2P solution for its customer base, Radius reached out to Q2 eBanking, its mobile and online banking vendor. Q2, in turn, enlisted Acculynk to build the baseline product, which is branded and integrated into Radius Bank’s online and mobile banking platforms. Tremont said Radius is the first bank to roll out a P2P solution between these partners.
Radius rolled out Apple Pay last year and also launched new partnerships with Aspiration Partners LLC and Prosper, and in its announcement, the bank also said it anticipates rolling out Android Pay and Samsung Pay later this year.
Of the new P2P solution, Tremont said, “It’s a nice new feature that we think plays in well with the product and service set that we offer. It fits in really nicely with our strategy that we’ve been executing against for years.”