Early Warning® Selects Mastercard Send™ to Expand clearXchange® Network
August 02 2016 - 7:00AM
Business Wire
clearXchange to enable person-to-person
payments using debit cards
Early Warning, the industry leader in real-time payments,
authentication and risk mitigation, today announced 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 facilitates
person-to-person (P2P) payments between the customers of
participant financial institutions, and enables these customers to
send money to anyone with a U.S. bank account. Customers can send
payments from one bank account to another directly through their
bank’s online or mobile banking experience. With the use of
Mastercard Send, clearXchange will now enable U.S. debit card users
to send money to, and receive money from, customers of participant
banks in real-time. The new capability will provide for a faster
payments experience for more clearXchange users and expand
clearXchange’s overall network reach.
“Early Warning is focused on providing real-time payments to all
U.S. consumers,” said Lou Anne Alexander, group president,
payments, Early Warning. “Through our agreement with Mastercard,
Early Warning is able to significantly extend the reach of the
clearXchange network.”
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 percent)
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.
“Through our work with Early Warning, we are supporting banks’
efforts to provide their customers with seamless and ubiquitous P2P
solutions. As a result, consumers have peace of mind knowing funds
are available quickly and can be used to meet personal needs,” said
Jorn Lambert, executive vice president, digital channels and
regions, Mastercard.
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 Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology
company in the global payments industry. We operate the world’s
fastest payments processing network, connecting consumers,
financial institutions, merchants, governments and businesses in
more than 210 countries and territories. Mastercard products and
solutions make everyday commerce activities – such as shopping,
traveling, running a business and managing finances – easier, more
secure and more efficient for everyone. Follow us on Twitter
@MastercardNews, join the discussion on the Beyond the Transaction
Blog and subscribe for the latest news on the Engagement
Bureau.
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version on businesswire.com: http://www.businesswire.com/news/home/20160802005560/en/
Mastercard Communications ContactBrian Gendron,
914-325-1799brian.gendron@mastercard.comorEarly Warning Media
ContactMegan Fort, 678-781-7223megan@williammills.com
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