Early Warning has reached an agreement with Visa to enable person-to-person (P2P) payments on its clearXchange network through the Visa Direct platform using US-issued debit cards.
Visa Direct has been designed as a secure payments platform that enables financial institutions, developers and partners to provide real-time person-to-person (P2P) payments and business disbursements to and from any enabled debit card in the US.
Early Warning noted that collaboration will facilitate P2P payments on clearXchange to almost every debit card in the country while giving a faster payments experience for more users. clearXchange will be able to reach the majority of the 200 million debit cards issued by Visa in the US.
Visa Direct will further expand the service by enabling anyone to transfer payments to and from customers of participating banks using a US-issued debit card, according to Early Warning.
Early Warning group president of payments Lou Anne Alexander said: “Early Warning’s participation in the Visa Direct program is an important step in our faster payments initiative. We are pleased to work with Visa to bring more US consumers the benefits of faster payments.”
Visa senior vice president of global product Jack Forestell said: “Visa’s focus has always been to offer fast and convenient payments to financial institutions and their card holders. With Visa Direct, we can deliver on that goal by leveraging the existing payments infrastructure to allow anyone to make secure P2P payments within seconds.”