Early Warning, a leading player in fraud prevention and risk management, has announced its partnership with Fiserv, a leading global provider of financial services technology solutions. The partnership will expand the availability of real-time capabilities in the US by facilitating real-time bill payment and deposit capabilities for users of the NOW Network from Fiserv or the good funds network from Early Warning.
The partnership will bring together the leading provider of electronic bill payment and the leading provider of real-time deposit account verification and funds availability to enable broader consumer access to real-time services through their financial institutions. Fiserv and Early Warning networks reach more than 6,000 banks and credit unions, including the 40 largest financial institutions in the US and thousands of mid-size and community financial institutions, which represent more than 75 % of all deposit accounts in the US. Along with it, the NOW Network from Fiserv also connects to tens of thousands of billers.
“At Wells Fargo, we know our customers count on us to process their financial transactions and make their deposited funds available as quickly as possible,” Ken Zimmerman, Executive Vice President and Head of the Deposit Products Group at Wells Fargo, said in the press release. “This initiative will make it much easier for financial institutions of all sizes to credit deposits more quickly and to enable an instant bill payment system that’s more efficient than those in today’s marketplace. These enhancements will not only improve the customer experience significantly but will enable further investment in faster payment capabilities in the years to come.”
“In today’s marketplace, people want real-time results, and expectations with banking transactions are no different,” said Kleber Santos, Executive Vice President of Consumer Banking at Capital One, in the press release. “Connecting financial institutions and payment networks in real time enables safe, immediate transaction decisions and a better customer experience.”
Through the partnership, both companies will focus on enabling real-time payments for bills issued by financial institutions, such as those for mortgages and credit cards, and real-time deposits. The partnership will also enable 5,300 account processing clients of Fiserv to get integrated into the Early Warning Deposit Chek Service suite and its good funds network, facilitating instant posting of bill payments and immediate funds availability for deposits. The companies hope to pilot these services in early 2016.
“Our partnership with Early Warning expands the selection of real-time services we can offer clients, enabling them to deliver the speed their customers desire,” said Rahul Gupta, President, Billing and Payment, Fiserv in the press release. “Interoperability is a key characteristic of the NOW Network from Fiserv, and by working with other strategic networks such as Early Warning, we can make real-time payment options available to consumer and small-business users through financial institutions of all sizes.”
Early Warning provides risk management solutions to a diverse network of 1,100 financial institutions, government entities and payment companies, enabling businesses and consumers to transact securely and conveniently. Owned and governed by five of the largest banks in the US, Early Warning’s unique business model facilitates a data exchange system based on collaborative, shared intelligence. The company recently acquired clearXchange, the largest bank-owned digital payments network in the United States. As part of the transaction, US Bank and PNC are expected to join Bank of America, BB&T, Capital One, JPMorgan Chase and Wells Fargo as owners of Early Warning, pending completion of all applicable regulatory reviews.
Fiserv, Inc. (NASDAQ: FISV) enables clients to achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For more than 30 years, Fiserv has been a leader in financial services technology, and today is among Fortune magazine's World's Most Admired Companies and Forbes magazine's America's Best Employers. For more information, click here.
About Early Warning:
Early Warning provides risk management solutions to a diverse network of 2,300 financial institutions, government entities and payment companies, enabling businesses and consumers to transact securely and conveniently. Owned and governed by Bank of America, BB&T, Capital One, JPMorgan Chase and Wells Fargo, Early Warning’s unique business model facilitates a data exchange system based on collaborative, shared intelligence. For 25 years, the company has worked with organizations of all sizes to advance collaborative risk management and fraud prevention. For more information, please click here.