Early Warning Services LLC, a private fintech owned by seven major banks, owns several companies including cell, a money transfer app. It also provides identity, authentication and payment solutions for banks, governments and payment system companies.
Learn more about what Early Warning Services does, its money transfer app, and how to request a copy of the company’s consumer report on your banking history.
The central theses
- Early Warning Services is a privately held fintech company that owns the mobile payment app cell.
- Seven major US banks have Early Warning Services: Bank of America, Capital One, JPMorgan Chase, PNC Bank, Truist, US Bank and Wells Fargo.
- Early Warning provides banks and financial institutions with consumer banking information to help them mitigate risk and fraud.
- You can request a consumer report from Early Warning, but it does not include a credit score.
What early warning services do
Early Warning Services is a fintech owned by seven major US banks: Bank of America Corp. (BAC), Capital One Financial Corp. (COF), JPMorgan Chase & Co. (JPM), PNC Financial Services Group (PNC), Truist Financial Corp (TFC), US Bancorp (USB) and Wells Fargo & Co. (WFC). It also offers identity, authentication, and payment solutions, including cell, a money transfer app.
The company also offers check and bank verification services. Its fraud detection and prevention services for bank accounts and payment transactions are designed to support banks, check-accepting businesses such as retailers, and other financial institutions. In total, Early Warning Services is connected to more than 2,500 financial institutions, government organizations and payment companies.
Cell Network, formerly clearXchange, allows users to transfer funds in minutes with no fee. It launched in 2017 to compete with providers like Venmo and PayPal. About $75 billion was moved through the app this year. In the second quarter of 2022, more than $155 billion was moved through the app.
Early Warning Services does not generate consumer credit ratings, but as a consumer reporting agency, it provides banks and financial institutions with information about consumers to help banks decide whether to offer products and services. Information gathered from thousands of financial institutions helps banks identify fraud and assess risk.
You are entitled to request a copy of your consumer report from Early Warning under the Fair Credit Reporting Act and you will not be charged a fee. You can get a free report every 12 months.
If you receive a consumer report of your banking history, review it to make sure it’s accurate. If you see information that you think is incorrect, contact Early Warning Services to try to resolve the issue.
History of Early Warning Services
Early Warning Services has been providing information to banks and financial institutions for more than three decades. The entity often plays a role in a bank’s decisions to approve financial products and services, such as checking accounts and mortgages.
In the 1990s, several banks formed an independent company after developing a model for mitigating deposit losses by sharing data. The company first launched its check deposit and payment validation products, followed by an account fraud detection service and fraud data exchange in the early 2000s.
Next, the company marketed itself as “Early Warning” and added real-time check deposit services, account opening services, and identity risk services. More fraud protection offerings were soon added, including alerts on high-risk transactions for identity theft agencies. Asset verification services have also been added.
Finally, Early Warning launched an expanded mobile suite and offered multi-factor authentication through a single platform. In 2017, she launched the cell network as a real-time payment transfer service, which she has continued to develop over the past few years.
Which banks have early warning services?
Early Warning Services LLC is owned by seven major US banks: Bank of America, Capital One, JPMorgan Chase, PNC Bank, Truist, US Bank and Wells Fargo.
Is cell owned by early warning services?
Cell, a money transfer app, is owned by Early Warning Services, which owns seven major banks. Cell allows users to transfer funds to other users in minutes with no fee.
Do early warning services affect your credit score?
The early warning service provides banks and financial institutions with information about your banking history, but not a credit score. You can request a free copy of your consumer report from the company every 12 months. Requesting a consumer report will not hurt your credit score.
The final result
As a fintech company, Early Warning Services regularly expands its range of services and products that help banks to minimize risk and fraud. It also offers a range of consumer services, including its cell money transfer app and its consumer reports.