clearXchange

clearXchange is a US-based digital payments network that enables US individuals and businesses to electronically transfer money directly from an existing bank account to another person’s existing bank account using a web interface or mobile device.[1][2] The network is equally owned by Bank of America, Capital One, JPMorgan Chase, US Bank, and Wells Fargo,[3] and open to anyone with a U.S. bank account.[4]

History

clearXchange was formed by Bank of America, Chase, and Wells Fargo in 2011.[5] The service was designed to improve upon banks’ existing person-to-person payment services.[6] In 2013, clearXchange named Mike Kennedy Chief Executive Officer[7] and FirstBank as a member.[8] In 2014, it announced Capital One as an owner and member.[9] In 2015, clearXchange announced US Bank as an owner and member.[10] In October 2015, clearXchange merged with the Early Warning risk management service to add robust risk management to the offering. [11] clearXchange is the largest bank-focused P2P network in the U.S.[12]

Service

clearXchange enables users to send money to anyone with a United States bank account. Users access the network within the websites and apps of member financial institutions,[13] and through clearXchange’s website. The network connects with existing bank accounts, so consumers do not need to fund a separate account to use the service.[14] Only the recipient’s email address or mobile number is needed to send money directly from bank account-to-bank account[15]

clearXchange offers person-to-person (P2P), business-to-consumer (B2C), and government-to-consumer (G2C) payments.[16] In 2015, clearXchange announced the availability of a real-time payments solution.[17][18]

References

  1. Sidel, Robin (May 25, 2011). "Big Banks Join Battle for Online Payments". Wall Street Journal. Retrieved 1 August 2015.
  2. Bernard, Tara Siegel (May 25, 2011). "Person-to-Person Payments Get Easier at Big Banks". New York Times. Retrieved 1 August 2015.
  3. "US Bank Latest Owner-Member of clearXchange". PYMNTS.com. March 17, 2015. Retrieved 1 August 2015.
  4. "clearXchange rolls out real-time payments". PYMNTS.com. June 15, 2015. Retrieved 1 August 2015.
  5. Smith, Aaron (May 25, 2011). "New cash transfer service rivals PayPal". CNN Money. Retrieved 29 July 2015.
  6. Bernard, Tara Siegel (May 25, 2011). "Person-to-Person Payments Get Easier at Big Banks". New York Times. Retrieved 29 July 2015.
  7. Adams, John (September 10, 2013). "ClearXchange Names Wells Fargo's Michael Kennedy as CEO". Payments Source. Retrieved 29 July 2015.
  8. Adams, John (October 10, 2013). "ClearXchange Bank P2P Network Adds FirstBank". Payments Source. Retrieved 4 August 2015.
  9. Bhattarai, Abha (March 9, 2014). "Capital One to begin offering peer-to-peer money transfers via email, mobile phone,". Washington Post. Retrieved 28 July 2015.
  10. Woodward, Kevin (March 17, 2015). "The clearXchange P2P Payment Services Adds U.S. Bank as an Owner and User". Digital Transactions. Retrieved 29 July 2015.
  11. Adams, John; Heun, David (October 26, 2015). "Banks Keep the Reins By Merging ClearXchange, Early Warning". Payments Source. Retrieved 10 March 2016.
  12. "U.S. Bank Latest Owner-Member of ClearXchange.". PYMNTS.com. March 17, 2015.
  13. Smith, Aaron (May 25, 2011). "New cash transfer service rivals PayPal". CNN Money. Retrieved 1 August 2015.
  14. Salmon, Felix (May 25, 2011). "Why clearXchange is great for payments". Reuters. Retrieved 29 July 2015.
  15. Bernard, Tara Siegel (May 25, 2011). "Person-to-Person Payments Get Easier at Big Banks". New York Times. Retrieved 1 August 2015.
  16. Heun, David (July 15, 2015). "clearXchange: We Have the Answer to Real-Time Payments,". Payments Source. Retrieved 29 July 2015.
  17. Bakker, Evan (Jun 21, 2015). "Here's What Happened in Payments this Week". Business Insider. Retrieved 29 July 2015.
  18. Heun, David (June 15, 2015). "Bank Consortium clearXchange Debuts Real-Time Payments". American Banker. Retrieved 29 July 2015.
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