P-to-P payments

While Early Warning is continuing to recruit banks to participate in its risk management engine and clearXchange P-to-P network, it's also working with nonbanks to quickly expand its footprint.

The mega-banks behind Early Warning's clearXchange network provided a huge base to push the speedy processing necessary for digital payments—but even the biggest banks don't blanket the country as well as Visa and Mastercard.

There may be bumps along the way, but PayPal, Mastercard and Visa all share the same goal, according to Mastercard CEO Ajay Banga.

Seven months after disclosing a test enabling Venmo P-to-P users to buy goods and services in-app, the PayPal unit has rolled out the "Pay with Venmo" feature to all users and expanded the list of participating merchants.

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.

Though Apple Pay hasn’t lit the world on fire since its launch in October 2014, Apple’s dominant role in mobile e-commerce means its mobile wallet still has the power to hurt payment industry rivals, analysts say.

When it comes to the speed of payments, consumers used to be satisfied with just real-time confirmation of a person-to-person (P2P) transaction and the promise that funds were on their way. This isn’t necessarily the case anymore, and the social implications associated with payments are driving the shift in demand.

If he's worried about fintech upstarts or bitcoin offering a high-tech alternative to Western Union's bread-and-butter business of money transfer, Chief Information Officer David Thompson doesn't let on.

RBC is giving up the revenue it gets from its $1-per-transfer service by offering free Interac transfers from all personal checking accounts, in effect betting that the relationship it builds with customers will be more valuable than its fee income.

Seeing its opening in the mobile wallet market, Mobeewave's pushing a product that exists somewhere between the models of Square and Venmo, resurrecting a relatively old idea of having people pay each other by using their phones.

The real-time, person-to-person payments service launched last week by U.S. Bank and Bank of America with clearXchange will service as a litmus test for whether, and how much, consumers are willing to pay for quick money transfers.