Early Warning, a real-time payments provider, has signed an agreement with Visa to enable person-to-person (P2P) payments on its clearXchange network using US-issued debit cards through the Visa Direct platform, it will leverage Mastercard Send for Mastercard US debit card holders.
Early Warning’s clearXchange network currently enables customers of participant financial institutions to send money to anyone with a US bank account. Visa Direct will expand the service by enabling anyone to transfer payments to and from customers of participating banks using a US-issued debit card.
With the use of Mastercard Send, clearXchange will enable debit card users to send money to, and receive money from, customers of participant banks in real-time.
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 US.
“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 US consumers the benefits of faster payments. Through our agreement with Mastercard, we are able to significantly extend the reach of the clearXchange network.”
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