P-to-P payments

To hear PayPal CEO Dan Schulman tell it, his company's agreement with Visa this week is a transformative and history-making deal. But in at least one way, PayPal must make sure that history does not repeat itself.

When those of us in the payments industry think about moving money, we think of the many points that distinguish money movement options – is it a transfer or a bill payment, will it utilize a card network or the ACH, will it be sent immediately or processed in a batch?

More than 46 million P-to-P transfers traveled over the rails of Early Warning's clearXchange during the first quarter of 2016 accounting for about $16 billion, according to the the bank-owned payments network. It’s the first time the organization has released numbers quantifying the service’s P-to-P payments volume.

Payments technology provider Kash Corp. has hired SmartFi founder Johnie Lee, a former senior Google employee who worked on Google Wallet and Android Pay Hands Free engineering.

U.S. Bank was unusual in making users pay for real time person-to-person payments on Early Warning's clearXchange, a practice it's ending as other banks start to offer free transactions on the same network.

Wells Fargo is joining other members of Early Warning's clearXchange network in providing real time person-to-person payments.

ABN Amro is using cross-platform mobile messaging app WhatsApp as a payment request channel for a new person-to-person payments app.

Early Warning's clearXchange is starting to show the bank-led network's potential to catalyze faster processing, and now the enterprise is also executing on its broader goal to power other products beyond person-to-person transfers.

As JPMorgan Chase gears up for the launch of the merchant-friendly Chase Pay wallet, it's taking the opportunity to freshen its approach to P-to-P mobile payments.

Bank of Tokyo Mitsubishi UFJ has confirmed it is developing a digital currency backed by a blockchain, the same kind of technology that underpins bitcoin.