News

Chase teams with BofA, US Bank for real-time P2P transfers

June 24, 2016

Customers of Chase can now conduct real-time funds transfers with customers of Bank of America and U.S. Bank using Chase QuickPay.

A Chase press release said that, in most cases, customers can withdraw the money immediately at an ATM or use it to pay bills.

"Consumers expect immediate action in our real-time world," said Barry Sommers, CEO of consumer banking at Chase. "That's why we're making this faster service available for our customers."

Later this month, the bank will also make it simpler for customers to use Chase QuickPay on their smartphones. They will be able to use the Chase Mobile app to:

• enroll in Chase QuickPay;
• add recipients directly from their phone's contacts list; and
• see images of recipients added from their phone's contacts list.

According to the press release, real-time transactions with customers of other participating banks will be available soon through the clearXchange network from Early Warning, which currently reaches up to 65 percent of the digital banking population in the U.S.

Last year, Chase customers sent $20 billion in person-to-person transactions through Chase QuickPay, the release said.