Bank of America has started processing real time person-to-person (P2P) transactions using the Early Warning clearXchange network. The bank had gone live with this program earlier this year. Using clearXchange, customers of banks can send P2P payments to fellow customers and the funds will be available immediately. P2P transactions are processed in two steps. A customer enrolls in the bank’s money transfer program, and 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.
