SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Early Warning, the leader in fraud prevention and risk management, today announced the completion of its acquisition of clearXchange, the largest financial institution-led digital payments network in the United States.
“Integrating Early Warning’s industry-leading fraud prevention services, authentication capabilities, and bank network with the scope of clearXchange’s digital payments solution will create the largest, most secure real-time payments ecosystem in the U.S.,” said Paul Finch, chief executive officer of Early Warning. “Consumers, businesses, and government agencies will now be able to seamlessly send and receive payments with unparalleled speed, accuracy, and security through our network. We are eliminating friction from real-time payments.”
The initial phase of the real-time platform will go live with banks in the first quarter of 2016 and will enable instantaneous person-to-person (P2P) payments and check deposits. Financial institutions currently participating in the network represent approximately 65% of the demand deposit accounts in the U.S. Participation in the network is open to all banks and credit unions in the U.S., regardless of size, charter, or location.
“The industry has committed to a broad, collective effort to develop the innovative services our customers demand,” said Bill Demchak, chairman, president and chief executive officer of The PNC Financial Services Group Inc., which recently joined the network. “Early Warning is unique in its ability to deliver consumers and businesses faster payments with superior convenience, broader reach, and greater security.”
“Our vision for the future is real-time payments that are universally accessible, secure, and provide the experience and convenience that all types of users want,” added Finch. “At Early Warning, we believe the best payments solution is one developed, secured, and delivered by financial institutions.”
About Early Warning
Early Warning is owned by Bank of America, BB&T, Capital One, JPMorgan Chase, PNC, U.S. Bank, and Wells Fargo. Early Warning provides risk management solutions to a diverse network of 2,300 financial institutions, government entities and payment companies, enabling businesses and consumers to transact securely and conveniently. Early Warning’s unique business model facilitates a data exchange system based on collaborative, shared intelligence. For 25 years, the company has worked with organizations of all sizes to advance collaborative risk management and fraud prevention. For more information, please visit www.earlywarning.com.