clearXchange to enable person-to-person payments using debit cards - Early Warning, the industry leader in real-time payments, authentication and risk mitigation, today announced it will leverage Mastercard SendTM to enable U.S. debit card holders to send and receive money through the clearXchange network.
Early Warning’s clearXchange network facilitates person-to-person (P2P) payments between the customers of participant financial institutions, and enables these customers to send money to anyone with a U.S. bank account. Customers can send payments from one bank account to another directly through their bank’s online or mobile banking experience. With the use of Mastercard Send, clearXchange will now enable U.S. debit card users to send money to, and receive money from, customers of participant banks in real-time. The new capability will provide for a faster payments experience for more clearXchange users and expand clearXchange’s overall network reach.
“Early Warning is focused on providing real-time payments to all U.S. consumers,” said Lou Anne Alexander, group president, payments, Early Warning. “Through our agreement with Mastercard, Early Warning is able to significantly extend the reach of the clearXchange network.”
Mastercard Send is designed to align with the needs outlined in the Federal Reserve’s initiative focused on enhancing the speed, security and efficiency of the U.S. Payments System. As the only personal payments service that can reach nearly all (97 percent) U.S. debit card accounts – including non-MasterCard debit cards – and enable funds to be sent and received typically within seconds, Send is superior to existing solutions that either limit transfers within a closed-loop network or take several days for funds to be received.
“Through our work with Early Warning, we are supporting banks’ efforts to provide their customers with seamless and ubiquitous P2P solutions. As a result, consumers have peace of mind knowing funds are available quickly and can be used to meet personal needs,” said Jorn Lambert, executive vice president, digital channels and regions, Mastercard.
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.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
Mastercard Communications Contact
Brian Gendron, (914) 325-1799
Early Warning Media Contact
Megan Fort, (678) 781-7223