Acquisition creates real-time payments via banks and credit unions
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Early
Warning, the leader in fraud prevention and risk management, today
announced the completion of its acquisition of clearXchange, the largest
financial institution-led digital payments network in the United States.
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“Integrating Early Warning’s industry-leading fraud prevention services,
authentication capabilities, and bank network with the scope of
clearXchange’s digital payments solution will create the largest, most
secure real-time payments ecosystem in the U.S.,” said Paul Finch, chief
executive officer of Early Warning. “Consumers, businesses, and
government agencies will now be able to seamlessly send and receive
payments with unparalleled speed, accuracy, and security through our
network. We are eliminating friction from real-time payments.”
The initial phase of the real-time platform will go live with banks in
the first quarter of 2016 and will enable instantaneous person-to-person
(P2P) payments and check deposits. Financial institutions currently
participating in the network represent approximately 65% of the demand
deposit accounts in the U.S. Participation in the network is open to all
banks and credit unions in the U.S., regardless of size, charter, or
location.
“The industry has committed to a broad, collective effort to develop the
innovative services our customers demand,” said Bill Demchak, chairman,
president and chief executive officer of The PNC Financial Services
Group Inc., which recently joined the network. “Early Warning is unique
in its ability to deliver consumers and businesses faster payments with
superior convenience, broader reach, and greater security.”
“Our vision for the future is real-time payments that are universally
accessible, secure, and provide the experience and convenience that all
types of users want,” added Finch. “At Early Warning, we believe the
best payments solution is one developed, secured, and delivered by
financial institutions.”
About Early Warning
Early Warning is owned by Bank of America, BB&T, Capital One, JPMorgan
Chase, PNC, U.S. Bank, and Wells Fargo. Early Warning provides risk
management solutions to a diverse network of 2,300 financial
institutions, government entities and payment companies, enabling
businesses and consumers to transact securely and conveniently. Early
Warning’s unique business model facilitates a data exchange system based
on collaborative, shared intelligence. For 25 years, the company has
worked with organizations of all sizes to advance collaborative risk
management and fraud prevention. For more information, please visit www.earlywarning.com.
Contacts
For Early Warning
Megan Fort, 678-781-7223