Early Warning Collaborates with Bank of America and U.S. Bank to launch Real-Time P2P Payments
FREMONT, CA: In an announcement made by Early Warning, it was publicized that Bank of America is live and actively processing real-time person-to-person (P2P) transactions. It was also announced that the transactions are being made through the clearXchange network of Early Warning, the industry leader in real-time payments, authentication and risk mitigation. Bank of America has become one of the first banks to have gone love with the U.S. Bank.
This collaboration powers the customers of Bank of America and U.S. Bank to send and receive real-time P2P payments, as the funds have been available. The consumers would be provided with the ability to access their account funds immediately. This offering makes this solution unique. “Bank of America is committed to being a leader in payments and making it easier than ever for our clients to manage their finances. 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,” said Thong Nguyen, president of retail banking, Bank of America.
Bank of America and U.S. Bank have a combined reach of nearly 22 million mobile banking customers in the U.S. and the collaboration will improve the customer experience. There are two simple steps in which Real-time P2P payments will be processed. In the first step, the customer initiates a P2P payment through online or mobile banking channels, after enrolling in their bank’s money transfer program. A customer would need a qualified recipient’s email address or mobile number to complete the first step. The second step involves making the funds available to the customer after a payment notification is sent to the recipient. The withdrawal now can be made through any channel including in the branch, at the ATM, with a debit card, at a point of sale, or more. The comprehensive authentication and fraud prevention tools by the bank protect the process of fund transfer, and also make sure that the Consumers’ account information is not shared.
“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. We are proud to partner with these forward-thinking institutions as we bring our real-time payment solutions to consumers nationwide,” concluded Paul Finch, chief executive officer, Early Warning.