Citi to join clearXchange network to bring P2P payments to US customers
Citi is set to join Early Warning’s clearXchange network in 2017, bringing real-time person-to-person (P2P) payments to the bank’s customers
Joining the network will allow Citi’s online and mobile banking customers to send or receive real-time P2P payments to or from customers of participating network banks by using the recipient’s mobile number or email address.
Citi global consumer bank head of global digital payments Barry Rodrigues said: “We are pleased to join the clearXchange network, enabling millions of Citi clients to make real-time person-to-person payments to anyone with a U.S. bank account.”
The clearXchange network is run by Early Warning for owners Bank of America, JPMorgan, Wells Fargo, Capital One and US Bank.
At present, the network facilitates P2P payments for more than 100 million online banking and 70 million mobile banking users in the US through participating financial institutions.
Early Warning CEO Paul Finch said: “The addition of Citi represents a significant milestone in Early Warning’s goal to expand the clearXchange network to include all financial institutions nationwide.”