Fiserv and Early Warning have partnered to expand the availability of real-time capabilities in the U.S. The partnership will initially facilitate real-time bill payment and deposit capabilities for users of the NOW Network from Fiserv or the good funds network from Early Warning.
The partnership between Fiserv and Early Warning brings together the leading provider of electronic bill payment and the leading provider of real-time deposit account verification and funds availability to enable broader consumer access to real-time services through their financial institutions. Combined, the Fiserv and Early Warning networks reach more than 6,000 banks and credit unions, including the 40 largest financial institutions in the U.S. and thousands of mid-size and community financial institutions, representing more than 75 percent of all deposit accounts in the U.S. The NOW Network from Fiserv also connects to tens of thousands of billers.
As demand for payment speed grows among consumers and small businesses, financial institutions are working to deliver new and enhanced real-time services. The partnership between Fiserv and Early Warning will enable financial institutions to meet the demand for speed by delivering robust real-time services with broad reach.
Initially the partners will focus on enabling real-time payment for bills issued by financial-institutions, such as those for mortgages and credit cards, and real-time deposits. The partnership will also enable Fiserv to integrate its 5,300 account processing clients into the Early Warning Deposit Chek® Service suite and its good funds network, facilitating instant posting of bill payments and immediate funds availability for deposits. The companies plan to pilot these services in early 2016 as they work together to commercialize these services for general availability later in the year.
The NOW Network is a next generation payment network delivering integrated and real-time enabled money movement capabilities to streamline the payments experience beyond the point of sale. Introduced by Fiserv in 2014, the network is bringing together more than 4,000 financial institutions and more than 50,000 billers through a common directory and payment network supporting real-time transfers, real-time person-to-person payments and same-day bill payments.
Through relationships with more than 2,300 organizations, Early Warning’s good funds network provides visibility to 95% of the DDA accounts and 45% of the teller lines and ATMs in the U.S. By working with FIs of all sizes throughout the country, Early Warning continues to expand the network for the betterment of the entire financial community providing information on over 600M DDA accounts and over 150M card accounts nationwide.
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