Bank of America Now Offers Real Time Person-to-Person Payments
Bank of America has begun processing real-time person-to-person (P2P) transactions using the Early Warning clearXchange network. U.S. Bank went live with this program earlier this year.
Using clearXchange, customers of U.S. Bank and Bank of America can send P2P payments to fellow customers at either bank, and the funds will be available immediately. Combined, these two banks have more than 22 million customers in the United States.
“Bank of America is committed to being a leader in payments and making it easier than ever for our clients to manage their finances,” said Thong Nguyen, president of retail banking at Bank of America. “We’re focused on creating a simple, straightforward person-to-person payments experience that lets our customers pay anyone with a couple of easy, intuitive steps.”
P2P transactions are processed in two steps. A customer enrolls in their bank’s money transfer program, then initiates a P2P payment online or through mobile banking using a recipient’s email address and phone number. A notification is sent to the recipient, and the funds are available for withdrawal through branches, at ATMs, with a debit card, at point-of-sale or through any other payment channel. Customer account information is not shared and funds are transferred securely.