Bank of America and U.S. Bank have tapped Early Warning’s clearXchange network to process real-time person-to-person (P2P) transactions.
The partnership will enable customers at the two banks to send real-time P2P payments to customers at either bank, with funds made available for use.
Early Warning said that the solution will provide customers immediate access to funds, directly in their bank account.
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Bank of America president of retail banking Thong Nguyen said: "We’re focused on creating a simple, straightforward person-to-person payments experience that lets our customers pay anyone with a couple of easy, intuitive steps."
After enrolling in their bank’s money transfer program, customers can make a P2P payment via online or mobile using a qualified recipient’s email address or mobile number. A payment notification is then sent to the recipient, with funds made available for withdrawal through any channel.
Any data on consumers’ account is not shared during the process, with security of fund transfers addressed by the banks’ authentication and fraud prevention tools.
Early Warning CEO Paul Finch said: "At Early Warning, our vision of faster payments is an ecosystem built by financial institutions to provide consumers the ultimate in convenience, flexibility and safety. Today, I am pleased to see that vision become a reality with Bank of America and U.S. Bank."
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