Over the last several years, person-to-person (P2P) has really shifted for banks. What was once a nice-to-have solution is now a must-have. The adoption of mobile and online banking and providers like PayPal and Square Cash have all contributed to the ever-growing consumer expectation of – instantaneous – digitally transferred funds.
On August 2, MasterCard made the announcement that its MasterCard Send platform would be powering the Early Warning clearXchange network. Through their agreement, Early Warning will be able to use MasterCard Send to extend the reach of its network; U.S. debit card holders will be able to send and receive money in real-time in or outside the EWS clearXchange network.
Although bank customers within Early Warning’s bank owner network are able to make P2P payments, they are currently only able to do so within the member bank network; it must take place via ACH from one bank account to another. In addition, there is a delay of up to three days before the receiver can find it in their bank account.
Failing to keep up with the ever-evolving digital space is a dangerous mistake to make.Jennifer Rademaker, EVP of U.S. Solutions Sales and Customer for Mastercard, pointed out that Early Warning’s decision to expand its P2P capabilities is actually a move that will allow banks to stay competitive.
In fact, Rademaker went on to say that any P2P solution must offer ubiquity. Why? She explained that, when consumers need to send money to a friend or pay for dinner, they’re not going to know what financial institution the other party banks with.
“Through our work with Early Warning, we are supporting banks’ efforts to provide their customers with seamless and ubiquitous P2P solutions. As a result, consumers have peace of mind knowing funds are available quickly and can be used to meet personal needs,” says Jorn Lambert, executive vice president, digital channels and regions, Mastercard.
Payment Solutions for all Merchants
Startups, small-businesses and other high risk business types typically struggle to secure credit card processing solutions. It goes without saying that these services are critical for these merchants as well. A merchant account with an alternative provider – like eMerchantBroker – offers businesses the ability to transfer funds and accept credit and debit card payments from customers. When working with a high risk specialist, being categorized as “high risk” by a traditional financial institution is not a problem; the merchant can still secure safe and efficient services, in addition to chargeback protection programs.