Early Warning 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. Also it will leverage Mastercard Send to enable U.S. debit card holders to send and receive money through the clearXchange network.
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.
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%) 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.
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