While Early Warning is continuing to recruit banks to participate in its risk management engine and clearXchange P-to-P network, it's also working with nonbanks to quickly expand its footprint.
Shortly after announcing debit payment deals with Visa and Mastercard, Early Warning has entered into an additional real-time P-to-P partnership with Fiserv, one of the largest financial services technology companies.
Fiserv will market Early Warning's clearXchange P-to-P service to its thousands of financial services clients through the technology company's NOW Network, which connects billers, small businesses and consumers. The move extends the service's reach beyond consumer-to-consumer payments, one of clearXchange's goals.
It's the second collaboration between Fiserv and Early Warning, which were already partnering to enable real-time bill payment and deposits.
Early Warning's newest partnerships with nonbanks provide the near-ubiquity needed to achieve its core mission of providing fast transfers. The Fiserv/Early partnership has an addressable market of more than 6,000 banks and credit unions, including the 40 of the largest financial institutions in the U.S. And Early Warning's collaboration with Visa and Mastercard's P-to-P debit services instantly expanded clearXchange's reach to more than 200 million debit users from its existing 100 million online banking and 70 million mobile banking users—jumping from about half of the market to more than 97%.
"Our mission is to enable all banks and credit unions to offer a broad range of real-time payment solutions to their customers," said Paul Finch, CEO of Early Warning, in a press release.