Early Warning adds big-name banks to real-time P2P network
Early Warning, a provider of real-time payments, authentication and risk mitigation, has announced that Capital One, Chase and Wells Fargo will offer real-time payments through their P2P service on the Early Warning clearXchange network.
According to a press release, the three FIs are joining Bank of America and U.S. Bank as the latest financial institutions to launch real-time payments on the clearXchange network.
For Chase customers, this means the ability send and receive real-time P2P transfers to and from customers at any of the banks in the network that have enabled real-time payments. In most cases funds are made immediately available.
Capital One 360 Checking customers already have the option to receive real-time payments from other participating banks in the network; later this summer, they will be able to send real-time P2P transfers, as well.
Also in coming months, Capital One will enable broader access for customers through its mobile app and website.
Wells Fargo customers at participating banks currently can receive P2P transfers from customers at participating banks; a full rollout of the service — including the ability to make payments in real time — is coming in August, the release said.
P2P payments on the clearXchange network are now available to more than 100 million online banking and 70 million mobile banking users in the United States, and according to Early Warning, customers at banks in the clearXchange network completed more than 46 million P2P transfers in Q1, accounting for more than $16 billion in combined transaction volume.
"Financial institutions across the country are successfully bringing consumers the future of payments," said Early Warning CEO Paul Finch. "As we continue expanding the clearXchange network, we will collectively increase consumers' access to faster payment services that will help them better manage their financial lives. We are proud to partner with these forward-thinking banks to make faster payments a reality."