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