BROOKFIELD, Wis.—Fiserv and Early Warning, which specializes in fraud prevention and risk management, announced they have partnered to expand the availability of real-time capabilities in the U.S.
The partnership will initially facilitate 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 between Fiserv and Early Warning brings 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 stated.
Combined, the Fiserv and Early Warning networks reach more than 6,000 banks and credit unions, including the 40 largest financial institutions in the U.S. and thousands of mid-size and community financial institutions, representing more than 75% of all deposit accounts in the U.S. The NOW Network from Fiserv also connects to tens of thousands of billers, the company said.
“As demand for payment speed grows among consumers and small businesses, financial institutions are working to deliver new and enhanced real-time services. The partnership between Fiserv and Early Warning will enable financial institutions to meet the demand for speed by delivering robust real-time services with broad reach,” Fiserv said.
Initially Fiserv and Early Warning will focus on enabling real-time payment for bills issued by financial institutions, such as those for mortgages and credit cards, and real-time deposits. The partnership will also enable Fiserv to integrate its 5,300 account processing clients 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 plan to pilot these services in early 2016 as they work together to commercialize these services for general availability later in the year.
"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. "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 consumers and small business users through financial institutions of all sizes."