Wells Fargo is joining other members of Early Warning's clearXchange network in providing real time person-to-person payments.
The $1.8 tillion-asset bank said its 17 million mobile customers can use its phone and tablet apps to send and receive funds immediately to and from other banking customers nationwide starting Aug. 1. The bank-led clearXchange network, a consortium that includes Wells Fargo, Bank of America, U.S. Bank, JPMorgan Chase and other financial institutions, is positioning itself as a catalyst for real-time payments processing. The initial use case is P-to-P, though institutions are adding other payment types such as treasury services.
“At Wells Fargo, we’re always looking for new ways to make our customers’ lives easier, and one thing we’ve been hearing is that they’d like to be able to quickly send money to their friends, family and other people who bank with other financial institutions,” Brett Pitts, head of digital for Wells Fargo, said in the release.
Bank of America and U.S. Bank previously announced real-time functionality for person-to-person payments on clearXchange.