Univest Bank and Trust Co.SM Introduces P2P Payments - A Person-To-Person Online Funds Transfer Tool
SOUDERTON, Pa., January 15, 2010 – Univest Bank and Trust Co.SM, a subsidiary of Univest Corporation of Pennsylvania (NASDAQ: UVSP), formally introduced its person-to-person (P2P) payments tool on December 22, 2009. Univest P2P is a free online payment tool available to Univest banking customers through the Univest (www.univest.net) corporate web site. P2P payments allow consumers to electronically send money from a personal Univest deposit account to another person's U.S. bank account.
According to K. Leon Moyer, president and chief executive officer of Univest Bank and Trust Co.SM, "Univest's P2P payments tool brings a new level of convenience to funds transfers without sacrificing online security. It eliminates the cost of using a wire transfer, and the recipient of the funds doesn't have to wait for a check to arrive in the mail. Both the sender and recipient maintain control of the transaction as well as the privacy of their bank account information."
A P2P payment is just like writing a check to someone else, except P2P payments are faster and more secure than using checks. They also are free of the charges associated with using other funds transfer providers, check cashing stores or wire services. Users can even send money on a recurring schedule for free. P2P is ideal for sending money to students away at school, friends or family throughout the country, and making other informal payments. The service also can be used to move money from a Univest account to a checking or savings account at another bank. The maximum P2P payment amount is $2,500 per transfer per day.
How Univest P2P Works
Univest's P2P payments is a secure funds transfer tool because neither the funds sender nor the funds recipient ever sees the other party's bank account information. The sender and recipient enter their associated account and personal information into secure web pages on a PC or a mobile device using the Univest web site after they are prompted by e-mail. Univest cannot withdraw or deposit money without both parties agreeing to the transaction. Additionally, the sender's or recipient's bank account information is never revealed to third party vendors or other individuals.
Univest's P2P payments tool does not require enrollments, IDs or passwords. Users log-in using information they already have as a Univest personal banking customer. There is no monthly service fee and no minimum balance required for Univest's Anytime Online checking account, an ideal account to use with P2P payments. Account applicants can also request an Allpoint ATM card that allows surcharge-free access to 37,000 ATMs nationwide.
About Univest Corporation
Headquartered in Souderton, Pa., Univest Corporation of Pennsylvania (www.univest.net) and its subsidiaries serve the financial needs of residents, businesses, and nonprofit organizations in Bucks, Chester, Montgomery and Lehigh counties. Univest Bank and Trust Co.SM, member FDIC and Equal Housing Lender, offers customers 32 financial service centers, 12 retirement financial services centers, and 38 ATM locations throughout the region, and is the parent company of Univest Capital, Inc., a small ticket commercial finance business; Univest Insurance, Inc., an independent insurance agency headquartered in Lansdale, Pa., which serves commercial and personal customers; and Univest Investments, Inc., Member FINRA and SIPC, a full-service broker-dealer and investment advisory firm. For more information on Univest Corporation of Pennsylvania and its subsidiaries, please visit www.univest.net.
This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for the Company's financial services and products may not occur, changing economic and competitive conditions, technological developments, and other risks and uncertainties, including those detailed in the company's filings with the Securities and Exchange Commission.
