Starting with August 1st 2016, San Francisco-based Wells will enable its customers to send funds in real-time at no cost to any customer of a bank that participates in the real-time service, which operates on Early Warning’s clearXchange network.
Initially, users will be able to access real-time P2P payments through the bank’s mobile and tablet apps. Using the email address or phone number of the payment recipient, they will initiate a payment, which will send a notification to the recipient telling them their funds are available to spend, withdraw, transfer or save. Account information is not shared between the sender and receiver.
Early Warning has offered P2P payments to its customers for a few years but it just unveiled the real-time capabilities in 2016, according to bizjournals.com. Banks in the clearXchange network will also have the ability to provide their customers with real-time disbursements.
Recently, JPMorgan, Bank of America and Wells Fargo have announced delivering payments through ClearXchange, but Wells Fargo, which has roughly 17 million mobile customers, is one of the first banks in the clearXchange network to announce that service, the site continues.
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