Bank of America launches P2P payments

Bank of America is using the clearXchange payments network from Early Warning to enable peer-to-peer (P2P) transactions via online and mobile channels. The bank’s customers can now send P2P payments to other customers of the bank, or to customers of the other banks using the network, which include U.S. Bank. Once customers have signed up for their bank’s money transfer service they can then initiate a P2P payment via online or mobile banking channels using a recipient’s email address or mobile number. A payment notification is then sent to the recipient and the funds can be drawn upon immediately via any service channel.