Early Warning has announced that Capital One, Chase and Wells Fargo are offering real-time payments through their person-to-person (P2P) service on Early Warning’s clearXchange network, the largest bank-led digital payments network in the US.
The banks join Bank of America and US Bank as the latest financial institutions to launch real-time payments on Early Warning’s clearXchange network.
Chase customers are eligible to 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, with funds typically made immediately available.
Capital One 360 Checking customers currently can receive real-time payments from other participating banks in the network, and they will be able to send real-time P2P transfers later this summer.
Capital One will enable broader access for all customers through its mobile app and website in the coming months. Wells Fargo customers are able to receive P2P transfers from customers at participating banks with a full rollout of the service – including the ability to make payments in real time – coming in August.
P2P payments on the clearXchange network are now available to more than 100 million online banking and 70 million mobile banking users in the U.S. In the first quarter of 2016, customers at banks in the clearXchange network completed more than 46 million P2P transfers, accounting for over $16 billion in combined transaction volume.
Early Warning chief executive officer Paul Finch said: “Financial institutions across the country are successfully bringing consumers the future of payments.
“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.”