Wells Fargo is set to make real-time P2P transactions available to its more than 17 million mobile customers in the US. From August, they will be able to use the FI’s app to send funds (they can already receive them) at no cost to customers of banks that participate in the service. This operates on Early Warning’s clearXchange network, which is equally owned by Bank of America, Capital One, JPMorgan Chase, US Bank, and Wells Fargo.

“We’re always looking for new ways to make our customers’ lives easier, and one thing we’ve been hearing is that they’d like to be able to quickly send money to their friends, family and other people who bank with other financial institutions,” says Brett Pitts, Head of Digital for Wells Fargo Virtual Channels.

By Scott Thompson

by Scott Thompson
Scott is Senior Editor at IBS Intelligence. You can follow him on Twitter and contact him at: Scott.Thompson@ibsintelligence.com