Company now enabling two Top 5 U.S. banks to deliver P2P transfers with immediate funds availability. Early Warning, the industry leader in real-time payments, authentication and risk mitigation, today announced that Bank of America is live and actively processing real-time person-to-person (P2P) transactions through Early Warning’s clearXchange™ network. Bank of America is one of the first banks to go live along with U.S. Bank.
Customers at both banks are now able to send eligible real-time P2P payments to customers at either bank, with funds made available for use. The solution is unique in its ability to provide consumers with immediate access to funds, directly in their bank account. Bank of America and U.S. Bank have a combined reach of nearly 22 million mobile banking customers in the U.S.
“Bank of America is committed to being a leader in payments and making it easier than ever for our clients to manage their finances,” said Thong Nguyen, president of retail banking at Bank of America. “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.”
Real-time P2P payments are processed in two simple steps. First, after enrolling in their bank’s money transfer program, a customer initiates a P2P payment through online or mobile banking channels using a qualified recipient’s email address or mobile number. Second, a payment notification is sent to the recipient and funds are made available for withdrawal using any channel, including in the branch, at the ATM, with a debit card, at a point of sale, or more. Consumers’ account information is not shared and fund transfers are protected by the banks’ comprehensive authentication and fraud prevention tools.
“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,” said Paul Finch, chief executive officer, Early Warning. “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.”
About Early Warning
Early Warning is creating the future of payments by delivering innovative payment and risk solutions to financial institutions nationwide. For over 25 years, Early Warning has been a leader in financial technology that protects and advances the global financial system. Learn more at earlywarning.com.
About Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,700 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 32 million active users and approximately 19 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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About U.S. Bank
U.S. Bancorp (NYSE: USB), with $422 billion in assets as of December 31, 2015, is the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States. The Company operates 3,133 banking offices in 25 states and 4,936 ATMs and provides a comprehensive line of banking, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.