Early Warning’s P2P payments network clearXchange has partnered with First Tech Federal Credit Union to support its 420,000-member network.
The Mountain View-based credit union, which has $8.6 billion in assets, has now become the first credit union to partner with the payments network, which, until now, just had banks on its roster.
Using Early Warning’s clearXchange’s service, the credit union will now have the ability to extend secure P2P payment services on its online and mobile banking platform. The partnership will essentially allow its users to securely send money using just the recipient’s phone number or email address — a service which has seen rapid growth in popularity with major American banks embracing it for faster payments.
“We are in the midst of a major inflection point in payments in the U.S.,” Early Warning CEO Paul Finch told PYMNTS. “The collaboration between banks and credit unions in delivering consumers faster payments is unprecedented and will positively impact all aspects of consumers’ lives including how payments are sent between individuals, how bills are paid, as well as how businesses choose to make disbursements to their customers. The changes that we are seeing in the industry will impact all financial institutions, large and small.”
With over 7,500 financial institutions under its hood, the payments service connects 25 million registered users and is the largest banking-offered P2P payments network, according to a press release. Its latest partnership with First Tech comes after a slew of partnerships with banks and FinTech companies, including Chase and Fiserv, since the launch of its real-time payments solution in June last year.