Our Sponsors

  • Bank of America Corp., Chase and Wells Fargo Form New Venture

    Citibank logo
    Wednesday May 25, 2011 at 09:58 am EST
    Bank of America Corp. (NYSE:BAC), Chase and Wells Fargo Form New Venture
    Sign up for Daily alerts if you haven't done it yet. 
    Bank of America Corp. (NYSE:BAC), JPMorgan Chase (NYSE:JPM) and Wells Fargo (NYSE:WFC)today announced that they have formed a new venture to enable their customers to move money more conveniently and safely using a mobile number or email address. clearXchange is the first bank-owned solution of its kind, and the service is available to its partners today.

    Customers of the three banks will be able to move funds directly from their existing checking accounts using an e-mail address or mobile number - instead of providing checking account and routing numbers. The clearXchange service will roll out nationally, and there are plans over time to expand it to include other financial institutions and endpoints to create a money movement capability across the industry.
    "This is an innovative game-changer in electronic payments," said Mike Kennedy, executive vice president and head of Payments Strategy at Wells Fargo. "We want our customers to be able to easily send money to anyone without having to establish a new account outside their primary bank. All our customers need to know is the e-mail address or mobile number of a friend or family member and we will take care of the rest utilizing clearXchange."


Leave a Reply

Latest Posts