Person-to-person payments on clearXchange will be available to
almost every debit card in the U.S.
SAN FRANCISCO & SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Early Warning, the industry leader in real-time payments, authentication
and risk mitigation, today announced it has signed an agreement with
Visa to enable person-to-person (P2P) payments on its clearXchange
network using U.S.-issued debit cards through the Visa Direct platform.
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Early Warning’s clearXchange network currently enables customers of
participant financial institutions to send money to anyone with a U.S.
bank account. Visa Direct will expand the service by enabling anyone to
transfer payments to and from customers of participating banks using a
U.S.-issued debit card. clearXchange already reaches more than 100
million online banking and 70 million mobile banking users directly
through its member financial institutions. In combination with Visa,
clearXchange will be able to reach the majority of the 200 million debit
cards issued by Visa in the U.S. The new debit card offering will expand
clearXchange’s reach to debit card holders across the U.S. and enable a
faster payments experience for more users.
“Early Warning’s participation in the Visa Direct program is an
important step in our faster payments initiative,” said Lou Anne
Alexander, group president, payments, Early Warning. “We are pleased to
work with Visa to bring more U.S. consumers the benefits of faster
payments.”
“Visa’s focus has always been to offer fast and convenient payments to
financial institutions and their card holders. With Visa Direct, we can
deliver on that goal by leveraging the existing payments infrastructure
to allow anyone to make secure P2P payments within seconds,” said Jack
Forestell, senior vice president of global product, Visa Inc. “We are
very excited to work with Early Warning to expand the reach of their P2P
service which will greatly benefit their member financial institutions
and their members’ customers.”
Visa Direct is a secure payments platform that allows financial
institutions, developers and partners to offer real-time
person-to-person (P2P) payments and business disbursements to and from
any enabled debit card in the US. The Visa Direct platform is available
in more than 200 markets around the world and can be potentially used to
reach more than three billion consumer card accounts. Available as part
of a comprehensive Visa Direct API library, financial institutions and
technology partners can quickly build real-time payment solutions
through a feature-rich suite of web services on the Visa Developer
Platform. More information about the Visa Developer Platform can be
found at https://developer.visa.com/.
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 Visa Inc.: Visa Inc. (NYSE: V) is a global payments
technology company that connects consumers, businesses, financial
institutions and governments in more than 200 countries and territories
to fast, secure and reliable electronic payments. We operate one of the
world’s most advanced processing networks — VisaNet — that is capable of
handling more than 65,000 transaction messages a second, with fraud
protection for consumers and assured payment for merchants. Visa is not
a bank and does not issue cards, extend credit or set rates and fees for
consumers. Visa’s innovations, however, enable its financial institution
customers to offer consumers more choices: pay now with debit, pay ahead
of time with prepaid or pay later with credit products. For more
information, visit usa.visa.com/about-visa,
and @VisaNews.
Contacts
for Early Warning
Megan Fort, 678-781-7223