More than 46 million P-to-P transfers traveled over the rails of Early Warning's clearXchange during the first quarter of 2016 accounting for about $16 billion, according to the the bank-owned payments network. It’s the first time the organization has released numbers quantifying the service’s P-to-P payments volume.
That volume is set to grow, with Capital One today becoming the fifth U.S. bank to support real-time peer-to-peer payments via the clearXchange network, according to a July 11 press release from Early Warning.
Bank of America, JPMorgan Chase & Co., U.S. Bank and Wells Fargo & Co. previously announced the availability of P-to-P payments via clearXchange, but Capital One and Wells Fargo still have some more work to do before their P-to-P rollouts are complete, Scottsdale, Ariz.-based Early Warning said in the release.
Capital One currently enables customers with its 360 Checking product to receive real-time payments from other banks participating in clearXchange and the bank will add the ability to send payments later this summer.
Wells Fargo customers may receive P-to-P transfers from customers whose banks are part of clearXchange, and beginning next month they will also be able to send funds.
More than 100 million U.S. online banking users and 70 million mobile banking users in the U.S. now have the ability to send real-time P-to-P payments via clearXchange, Early Warning said.
“As we continue expanding the clearXchange network, we will collectively increase consumers’ access to faster payment services that will help them better manage their financial lives,” said Paul Finch, Early Warning’s CEO, in the release.
U.S. Bank this month dropped a fee it was charging of $6.95 per real-time P-to-P transaction, joining other banks in offering the service gratis to customers.