Payment Methods

U.S. Bank’s Real-Time P2P Payments Now Fee-Free

Real-time payments are quickly turning from a perk to an expectation for consumers.

And U.S. Bank is one of the financial institutions paving the way to offer real-time P2P payments via the clearXchange network, which is the largest bank-offered digital payments network in the U.S.

This service was first introduced in early 2016 but is now available for no fee as part of the platform’s expansion. This is in part because other financial institutions have been added to the clearXchange network, making real-time payments a reality to deliver to customers.

“Customers’ demand for real-time, person-to-person payments is growing, and the network is expanding. It’s a perfect demonstration of how the banking industry is working together to deliver safe and easy solutions for customers’ evolving financial preferences,” said Gareth Gaston, executive vice president of omnichannel banking for U.S. Bank. “U.S. Bank has long been a pioneer in innovative payment solutions, and we remain focused on providing an exceptional customer experience, wherever and however they want to send money securely to their family or friends.”

For U.S. Bank customers wanting to send these real-time P2P payments, it only requires that the user has an email address or mobile phone number to send money to a recipient. That money can then be sent securely using the app on the mobile device, which for U.S. Bank is through its Bank Send Money feature. This is available for any customer who is enrolled in U.S. Bank online banking.

In 2016, U.S. Bank became a member and co-owner of Early Warning, which powers the clearXchange network. The bank began using the network on Feb. 21, 2016.



The PYMNTS Cross-Border Merchant Friction Index analyzes the key friction points experienced by consumers browsing, shopping and paying for purchases on international eCommerce sites. PYMNTS examined the checkout processes of 266 B2B and B2C eCommerce sites across 12 industries and operating from locations across Europe and the United States to provide a comprehensive overview of their checkout offerings.

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