Popmoney is an e-commerce business allowing payments and money transfers to be made through the Internet.
A Popmoney account is used to receive money from another Popmoney customer. After funds are received in a Popmoney account the funds can be held until they are withdrawn to a U.S. bank account. The Popmoney account may instead be configured to automatically have all funds received automatically sent to the account holder's bank.
Anyone can receive Popmoney, however the funds received are accessible only to those who have a bank account in the U.S. The website for the account holder's bank is the method used to transfer money to a Popmoney customer. The banks that offer the ability to send Popmoney include Citibank, US Bank, PNC Bank, Ally and many others.
The Popmoney recipient is notified immediately when funds are sent. Withdrawn funds are sent as ACH transactions and will take two to three days, or more, before the funds to appear in the recipient's bank account.
There are no fees for sending or receiving using Popmoney.
On June 29, 2011 FiServ announced that it is acquiring CashEdge, which is the company that provides the PopMoney service. Cwolla's service uses FiServ, though it is not known if PopMoney will be available as a method for funding Dwolla accounts.