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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