Just wanted to see how people are handling their P2P these days.
For me, the real-time in your bank account from a sender at a different bank is key. The cXc network is definitely the largest in the US in terms of accessible deposit accounts share. What is interesting to me is that the real-time aspect between banks is negotiated bank to bank. For example, Chase has real-time money availability with only some of the network members.
Recently though, a transfer I expected to be available in real-time showed as standard (1 to 3 business days). I know there is no ACH going on here, so I am thinking what is going on here? If the real-time aspect is either severely degraded or goes away, it will destroy the advantage of the system.
It is hard to figure out what happened since this appears to be a very technical question. However, my current theory is the daily bank to bank (between these two members, BofA and Chase) real-time transfer limit was reached so the transfer defaulted to some slower credit method. That seems so odd, but tells me that the popularity of this system is tremendous and used heavily without a lot of discussion out there. Chase has a real-time side agreement with BofA and US Bank.
If this is indeed the case, I hope Chase and BofA negotiate a much higher limit to solve this problem.
Further, while it appears a number of small banks have joined, PNC and BB&T are late on their implementation. I don't believe PNC has gone live yet and is still doing PopMoney (ACH). Also, Citi has signed with the cXc network and PopMoney announced they will allow its customers to use cXc if they want to (since it is hard to offer both seamlessly).
I think competitors like Venmo/PayPal make the most money when funds stay in the app and don't go back to banks. So, there is definitely a business survival aspect for the banks that they understood, but implemented weakly. Venmo handled 20 billion in funds transferred for 2016.
I use ClearXchange with Capital One and have received about 30 payments over the last few months. Until last week they had all cleared instantly but last week I had a couple that were 1-3 days. I don't know which bank they originated from.
bppcomplete said: Is there a way to use clearXchange to push money into an account that's not mine? Say, if I have a citibank routing number and account number.
Zon said: I use ClearXchange with Capital One and have received about 30 payments over the last few months. Until last week they had all cleared instantly but last week I had a couple that were 1-3 days. I don't know which bank they originated from.
This is the problem that happens in our society. Folks with bad intentions find ways to manipulate these systems that cause normal folks to suffer. Unfortunately, I am not sure we will get any explanations from the banks or clearinghouse.
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