Putting bank venture clearXchange's push for real-time person-to-person payments in motion, U.S. Bank says it is one of the first to make the service available to its customers.
ClearXchange, made up of some of the country's largest banks, built out its P-to-P network to offer as an option for the U.S. transition to faster payments while also assuring the banks can compete against third-party providers.
Called the U.S. Bank Send Money service, the P-to-P offering is powered through Early Warning, a separately developed bank-run operation that acquired the clearXchange payments network in October of 2015.
In merging clearXchange with Early Warning, which handles risk management, the member banks focused on addressing security in a real-time payments environment.
“U.S. Bank is a pioneer in its mission to provide customers a safe and easy way to send money to another person anywhere in the country,” Gareth Gaston, executive vice president of omnichannel banking at Minneapolis-based U.S. Bank, stated in a March 4 press release. “U.S. Bank has invested heavily in clearXchange and parent company, Early Warning, because we believe person-to-person payments in real-time is the future of fast, secure payments."
Any U.S. Bank customer enrolled in the bank's online banking system can use Send Money, with flat rates of $2.95 for next-day transfers and $6.95 for real-time payments, the bank said. The money transfers can come from a customer's savings, checking or money market accounts.
Other banks in the Early Warning clearXchange network are Bank of America, Capital One, JPMorgan and Wells Fargo.