Bank Monitor Awards: Advanced Capabilities for Person-to-Person Payments

by on Jan 22, 2018

Though the ability to transfer funds in and out of bank accounts has always been fundamental to online banking, over the last year, digital person-to-person transactions have dominated the payment industry. Users cite convenience as the primary reason they have adopted P2P payments as leading platforms make the process both fast and simple. In response to the forecasted growth in the P2P payment market, more than 30 financial institutions introduced support for Zelle, a network providing a free outlet for electronic transfers. With the rise of Zelle adoption, for the first time, we include a category exclusively examining P2P payment platforms in our annual Bank Monitor Awards Report.

While Zelle unites the banking industry through a single, real-time P2P payment experience, capabilities and features vary across individual banks that have implemented the network. Significantly, certain banks, such as BB&T and Fifth Third Bank, do not offer users the ability to send future-dated transfers, which is important because scheduling transfers in advance allows users to plan and budget accordingly. All three of our medal winners in this year’s Bank Monitor Awards Report support the Zelle network while upholding distinguishing qualities that position them as industry leaders. Each firm possesses important attributes: modern interfaces and advanced capabilities, such as extensive scheduling options and split requests features. 

U.S. Bank was awarded a gold medal for providing the complete range of capabilities available on the Zelle network in addition to integrating a Western Union interface that lets users send money both domestically and internationally, a feature that is unique within our coverage group. Users can easily navigate to the P2P payments interface through the private Send Money tab or a quick link sidebar. Throughout the multi-step processes for both sending and requesting money, users have access to beneficial help resources, including lightboxes and pop-up windows for details about limits and FAQs. Account balances are shown when selecting a Pay From account. U.S. Bank is the only firm that provides a full mobile app P2P payment interface that mirrors the complete design and functions of the desktop site. 

U.S. Bank Send Money with Zelle Interface – Select Recipient and Enter Amount Pages

Citizens Bank earns a silver medal for offering a comprehensive, user-friendly P2P payment interface on both the desktop site and mobile app, though it employs slightly different designs on each. When sending transfers, users have extensive options for scheduling, frequency and contact methods. The split payment transaction allows for portions to be split unevenly amongst individuals on the review page prior to submitting the request. Users can nickname their recipients and add a new recipient as part of the send, request and split payment journeys. Additionally, Citizens Bank supplements its interface with exceptional contextual help tools, providing an overall supportive experience. 

Citizens Bank Split Tab – Review and Split Step

TD Bank provides desktop and mobile P2P payment interfaces akin to those of Citizens Bank; however, the firm earns a bronze medal mainly due to its lack of contextual help. Through the Send tab, users can schedule future-dated and recurring transfers with several frequency options, though no information is provided pertaining to balance details or limits and delivery speeds.

For detailed analyses of the five additional categories, including statement centers, card payments, alert centers, balance transfers and private site help, access the full Bank Monitor Awards Report through our client portal or visit our website to learn more.