April 18th, 2014 by Elma Jane
Capital One joins existing stakeholders equally owned by Bank of America, JPMorgan Chase, and Wells Fargo. Member-owner of the ClearXchange network.
Capital One has taken a stake in ClearXchange, the US bank-backed clearing house for person-to-person online payments transfer.
ClearXchange is the first network in the U.S. created by banks that lets customers send and receive (P2P) person-to-person payments easily and securely using an email address or mobile number.
With only the recipient’s mobile number or email address, the ClearXchange network enables customers to send funds directly from their bank account to the recipient’s bank account without the need to pass on more sensitive account information.
EVP of digital at Capital One, says partnering with clearXchange is another way of bringing safe and secure payments through convenient, digital channels to their customers.
With membership open to banks and credit unions of all sizes, ClearXchange has so far signed up only FirstBank as its sole non-owner participant, although it nonetheless claims to represent more than 50 percent of the consumer online banking market.
Posted in Credit card Processing, Electronic Payments, Merchant Services Account, Mobile Payments, Payment Card Industry PCI Security, Small Business Improvement, Smartphone, Visa MasterCard American Express Tagged with: account, bank account, Bank of America, Capital One, consumer online banking, digital channels, JP Morgan, market, mobile, online payments transfer, p2p, payments, person-to-person, secure payments, securely, U.S. Bank, US Bank, Wells Fargo
December 9th, 2013 by Elma Jane
Credit Cards accepted on the American Express network will be offered by U.S. Bank. in the fall of 2014.
U.S. Bank becomes another major bank to form a partnership with American Express. As previously reported in August, Wells Fargo began issuing new credit cards accepted on the American Express network on a limited basis this year, with a full scale launch planned for the first half of 2014.
Pam Joseph, Vice Chairman of U.S. Bank, said in a statement, We believe that the American Express network provides a combination of benefits and services that many of our customers want.
The cards will be available to bank customers in the 3,088 branches of U.S. Bank, as well as online and by phone. U.S. Bank customers will also have a choice of obtaining a Visa or MasterCard.
Posted in Credit card Processing, Electronic Payments, Financial Services, Visa MasterCard American Express Tagged with: accepted, American Express, credit cards, MasterCard, network, online, U.S. Bank, visa, Wells Fargo
December 2nd, 2013 by Elma Jane
U.S. Bank has announced the U.S. Bank Contour Card – saying that the new card gives customers the convenience of a debit card, the control of a bank account and the freedom of cash. Giving customers innovative options to manage their finances. The Contour Card is the latest example. It’s a great tool to manage expenses by giving you the power to budget your money across multiple prepaid cards under the same account. Customers can use Contour as their primary payment card, but it is also a good fit for anyone who wants a new way to manage money.
Contour gives control over your spending in so many ways. From tracking your spending to transferring money between accounts, Contour gives customers the ability to manage it all from one location through their personal My Contour Dashboard.
Cardholders can open up to five additional card accounts that can be linked to their primary account. Cardholders can use Contour anywhere Visa Debit cards are accepted, get free cash withdrawals at any U.S. Bank or MoneyPass ATMs, and direct deposit paychecks to their accounts at no additional charge.
Posted in Financial Services Tagged with: account, ATMs, budget, card, cardholders, debit card, deposit, finances, money, MoneyPass, paychecks, prepaid, tracking, tranferring, U.S. Bank, US Bank, visa, withdrawals
September 20th, 2013 by Elma Jane
U.S. Bank integrates to simplify mobile money transfers with Western Union
U.S. Bank has offered Western Union Money Transfer services since 2009, but now customers can do so via mobile. According to U.S. Bank, it is the first bank in the United States to integrate the Western Union Money Transfer services into its mobile app.
U.S. Bank is collaborating with Western Union to let U.S. Bank customers use the Western Union Money Transfer services via the U.S. Bank mobile application. “Adding Western Union enhances overall digital money movement strategy.”
“Primary goal is to make it easier for customers to send money on any device to anyone across the country or around the world.” Giving customers the most convenient banking experience by delivering and allowing customers to bank anywhere and anytime they want.
Money transfer
In order to qualify for the new service, customers must have been a customer of U.S. Bank for at least a year and have a registered mobile phone and eligible deposit account. Western Union Money Transfer services let consumers conveniently pay other consumers via mobile or desktop.
Eligible U.S. Bank mobile banking customers will now see the Western Union logo in the person-to-person money transfer options. Online banking customers will see Western Union as a funds transfer option.
U.S. Bank decided to offer the new service to make moving money as convenient as possible for its customers. Customers will be able to send money around the world from the comfort of their own home.
When consumers receive a payment through the Western Union services, they can be paid in cash and use it immediately.
Mobile banking
U.S. Bank has rolled out a number of mobile initiatives in the past few years.
In July, U.S. Bank integrated with the Square digital wallet, enabling users to fund payments made via the mobile application from their bank account.
Earlier this year, U.S. Bank even offered customers the ability to pay via NFC by providing a customized U.S. Bank Go Mobile iPhone case equipped with NFC technology.
The bank also rolled out mobile photo bill pay services last year to let customers pay their bills by simply snapping a picture of the document using the camera on a smartphone or tablet.
“As device ubiquity grows, as people become more comfortable using their phones for all their banking activities, a lot of new ways to leverage a phone’s capabilities to make banking easier for customers, customers expect their bank to offer a full rich set of money management and movement capabilities on their phones, tablets and laptops.”
Posted in Digital Wallet Privacy, Electronic Payments, Mobile Payments Tagged with: banking, mobile, money, nfc, payment, transfers, U.S. Bank, US Bank, western union
