When a person writing a check and the person receiving it has to wait for its clearance, it’s not a good scenario. Many say that they have got used to it, but the younger generation is living a fast-paced life; the millennials are challenging the status quo. There is a rising need for immediacy in payments, whether banks, businesses, or even peer-to-peer. Solutions are available in the market for immediate transfer of funds. People and businesses worldwide want payment systems that can achieve the desired speed of a transaction, minimize the cost of a transaction, reduce risks of fraud, and bring satisfaction to service across different channels. That’s where instant/real-time payments come into the picture.
Recently, U.S. Bank started offering instant payments services to its customers. The bank will be charging $6.95 for every instant payment (same-day payment) requested. This new service offered by U.S. Bank is powered by Early Warning’s clearXchange network. U.S. Bank became a member and co-owner of Early Warning in 2016 and began using the clearXchange network on February 21, 2016.
“U.S. Bank is a pioneer in its mission to provide customers a safe and easy way to send money to another person anywhere in the country,” said Gareth Gaston, Executive Vice President of Omnichannel Banking at U.S. Bank. “U.S. Bank has invested heavily in clearXchange and parent company Early Warning because we believe person-to-person payments in real-time are the future of fast, secure payments. The service saves customers time when paying another person and has the security of online or mobile banking. With the click of a mouse or the tap of a screen, U.S. Bank customers can quickly split a dinner tab with friends or send cash as a birthday gift to their kids in another city.”
The real-time feature is available through U.S. Bank Send Money and is eligible for any customer enrolled in U.S. Bank Online Banking.
Here the various features of the service are:
U.S. Bancorp (NYSE: USB)—with $422 billion in assets as of December 31, 2015—is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The company operates 3,133 banking offices in 25 states and 4,936 ATMs and provides a comprehensive line of banking, investment, mortgage, and trust and payment services products to consumers, businesses, and institutions.
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