International law firm Dorsey & Whitney LLP represented Early Warning Services, LLC, a trusted leader in fraud prevention and risk management, in connection with its acquisition of clearXchange, LLC, the largest financial institution-led digital payments network in the United States.
The combined venture brings together immediate funds availability, integrated authentication and fraud management capabilities into a single platform with the aim of permitting convenient, secure, real-time peer-to-peer, business-to-consumer, and government-to-consumer payments.
The initial phase of the real-time platform will go live with banks in the first quarter of 2016 and will enable instantaneous person-to-person (P2P) payments and check deposits. The network currently includes financial institutions comprising a significant majority of the demand deposit accounts in the U.S.
Dorsey represented Early Warning in this complex and multifaceted series of transactions, originally announced in October 2015. The multi-office, multi-disciplinary Dorsey team was led by E. Eric Rytter, New York Corporate Partner and Chair of the Private Equity Group, with Minneapolis Corporate Partner Kevin Maler providing critical guidance on the commercial and related terms of the combined venture.
“We were delighted to again represent Early Warning and very pleased to be involved in this significant transaction for the payments industry,” Rytter commented. “We wish Early Warning and clearXchange success as they work toward integration of these two compelling businesses, and look forward to continuing to work with them in future.”
More news regarding the transaction is available here.
Dorsey & Whitney Represents Early Warning in Acquisition of clearXchange
January 12, 2016