by Early Warning Services LLC, a privately held fintech firm owned by seven main banks, owns a number of corporations together with Zelle, a cash switch app. It additionally supplies identification, authentication, and fee options for banks, governments, and fee programs corporations.
Learn extra about what Early Warning Services does, about its money transfer app, and how one can request a duplicate of the corporate’s shopper report in your banking historical past.
Key Takeaways
- Early Warning Services is a privately held fintech firm that owns cellular fee app Zelle.
- Seven main U.S. banks personal Early Warning Services: Bank of America, Capital One, JPMorgan Chase, PNC Bank, Truist, U.S. Bank, and Wells Fargo.
- Early Warning supplies shopper banking data to banks and monetary establishments to assist them reduce threat and fraud.
- You can request a shopper report from Early Warning, but it surely doesn’t embrace a credit score rating.
What Early Warning Services Does
Early Warning Services is fintech owned by seven main U.S. banks: Bank of America Corp. (BAC), Capital One Financial Corp. (COF), JPMorgan Chase & Co. (JPM), PNC Financial Services Group (PNC), Truist Financial Corp. (TFC), U.S. Bancorp (USB), and Wells Fargo & Co. (WFC). It additionally supplies identification, authentication, and fee options, together with Zelle, a cash switch app.
The firm additionally supplies verify and financial institution screening companies. Its fraud detection and prevention companies for financial institution accounts and fee transactions are designed to help banks, corporations that settle for checks like retailers, and different monetary establishments. In all, Early Warning Services connects with greater than 2,500 monetary establishments, authorities organizations, and fee corporations.
Zelle Network, beforehand clearXchange, permits customers to switch funds inside minutes with no price. It launched in 2017 to compete with the likes of Venmo and PayPal. About $75 billion moved by means of the app that yr. In the second quarter of 2022, greater than $155 billion moved by means of the app.
Consumer Reports
Early Warning Services doesn’t generate credit score scores for customers, however, as a shopper reporting company, it does present data to banks and monetary establishments about customers to assist banks decide whether or not to offer merchandise and companies. The data, gleaned from hundreds of monetary establishments, helps banks detect fraud and assess threat.
You are entitled to request a copy of your shopper report from Early Warning below the Fair Credit Reporting Act, and you’ll not be charged a price. You can obtain one free report each 12 months.
If you obtain a shopper report about your banking historical past, overview it to make sure it is correct. If you see any data that you simply assume isn’t right, contact Early Warning Services to attempt to resolve the problem.
Early Warning Services’ History
Early Warning Services has been offering data to banks and monetary establishments for greater than three a long time. The firm usually has a job in a banks’ selections to approve monetary merchandise and companies like checking accounts and mortgages.
In the Nineteen Nineties, a number of banks shaped an impartial firm after they developed a mannequin to mitigate deposit losses by sharing information. The firm first launched its verify deposit and fee validation merchandise adopted by an account fraud detection service and fraud information sharing within the early 2000s.
Next, the corporate branded itself as “Early Warning” and because it added companies for real-time verify deposits, account opening companies, and identity risk services. Soon, it added extra fraud safety choices together with high-risk transaction alerts for ID theft companies. It additionally added asset verification companies.
Finally, Early Warning launched an enhanced cellular suite and supplied multi-factor authentication by means of a single platform. In 2017, it launched the Zelle Network as a real-time fee switch service, which it has been enhancing lately.
Which Banks Own Early Warning Services?
Early Warning Services LLC is owned by seven main U.S. banks: Bank of America, Capital One, JPMorgan Chase, PNC Bank, Truist, U.S. Bank, and Wells Fargo.
Is Zelle Owned by Early Warning Services?
Zelle, a cash switch app, is owned by Early Warning Services, which is owned by seven main banks. Zelle permits customers to switch cash to different customers inside minutes with no price.
Does Early Warning Services Affect Your Credit Score?
Early Warning Services supplies data to banks and monetary establishments about your banking historical past, but it surely doesn’t present a credit score rating. You can request one free copy of your shopper report from the corporate each 12 months. Requesting a shopper report doesn’t harm your credit score rating.
The Bottom Line
As a fintech firm, Early Warning Services is recurrently including to its service and product choices that assist banks reduce threat and fraud. It additionally supplies numerous companies to customers, together with its Zelle cash switch app and its shopper studies.
