Early Warning, a US-based real-time payment, authentication and risk mitigation services provider, has selected MasterCard Send to allow debit cardholders in the US to send and receive money through the clearXchange network.
Early Warning’s clearXchange network supports person-to-person (P2P) payments between the customers of participant financial institutions, and allows these customers to send money to anyone with a US bank account.
MasterCard said that the new capability will offer a faster payments experience for more clearXchange users in real-time. It will also expand clearXchange’s overall network reach in the country.
Early Warning group president of payments Lou Anne Alexander said: “Early Warning is focused on providing real-time payments to all US consumers.
“Through our agreement with MasterCard, Early Warning is able to significantly extend the reach of the clearXchange network.”
MasterCard Send has been developed to comply with the requirements outlined in the Federal Reserve’s initiative focused on improving the speed, security and efficiency of the US Payments System.
MasterCard claims that Send is the only personal payments service that can reach almost all (97%) US debit card accounts, including non-MasterCard debit cards.
MasterCard executive vice president of digital channels and regions Jorn Lambert said: “Through our work with Early Warning, we are supporting banks’ efforts to provide their customers with seamless and ubiquitous P2P solutions.
“As a result, consumers have peace of mind knowing funds are available quickly and can be used to meet personal needs.”