Early Warning, a risk management collaboration owned by Bank of America, BB&T, Capital One, JPMorgan Chase, BB&T and Wells Fargo, has agreed to acquire ClearXchange, the P2P payments network operated by Bank of America, Capital One, JPMorgan Chase, U.S. Bank and Wells Fargo.
ClearXchange, which was launched in 2011, allows people use their checking accounts to send each other money with an email address or cellphone number.
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As part of the deal, U.S. Bank and PNC will join Bank of America, BB&T, Capital One, JPMorgan Chase, and Wells Fargo as owners of Early Warning.
The enhanced platform will be open to all banks and credit unions, of any size.
The platform’s capabilities will also meet the Consumer Financial Protection Bureau’s vision of consumer protection in new faster payment systems, Early Warning said in a statement.
"The complementary assets of the combined companies will bring unprecedented speed, security, and efficiency to U.S. payments, allowing financial institutions to meet consumers, businesses, and government customers’ demand for real-time payments," the statement added.
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By GlobalDataThe CEOs of Bank of America, BB&T, Capital One, JPMorgan Chase, U.S. Bank, and Wells Fargo in a joint statement said: "Our customers want the ability to make payments to anyone, in real-time, making funds instantly available in the recipient’s bank account. To achieve this, we are combining our collective, bank-owned digital payments network (clearXchange) with our fraud, risk and authentication assets (Early Warning), to further ensure that our customers can send money, confidently, securely, and in real-time via their financial institutions."
