Bank of America, Chase and Wells Fargo Team for ‘Game-Changing’ Mobile Payments Venture

On Thursday, Bank of America, JPMorgan Chase and Wells Fargo announced that they have formed a new venture, clearXchange, in the realm of digital payments. According to the partners, the new platform will enable their customers to move money more conveniently and safely using a mobile number or email address. Customers of the three banks …   Read More

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On Thursday, Bank of America, JPMorgan Chase and Wells Fargo announced that they have formed a new venture, clearXchange, in the realm of digital payments.

According to the partners, the new platform will enable their customers to move money more conveniently and safely using a mobile number or email address.

Customers of the three banks will be able to move funds directly from their existing checking accounts using an email address or mobile number – instead of providing checking account and routing numbers.

“This is an innovative game-changer in electronic payments,” said Mike Kennedy, EVP 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 email address or mobile number of a friend or family member and we will take care of the rest utilizing clearXchange.”

“Our goal is to provide convenient and safe financial services options for our customers,” said David Owen, eCommerce, Claims and Fraud Executive at Bank of America. “By creating a utility like clearXchange, we are able to meet the needs of our customers and differentiate our capabilities from other offerings in the marketplace.”

The three banks involved in this partnership – Bank of America, Wells Fargo and Chase – represent the three largest banks in the US, boasting one of every three consumer accounts.

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3 comments

  1. @TotalTab

    How is this a game changer? Mobile commerce is exploding right now but peer to peer transactions have been covered ad nauseum from Square, to Bump, all the way back to Paypal.

    I'm all for another system to send money – but game changer, it is not.

    Nick Reuter
    CEO / Co Founder
    TotalTab http://www.totaltab.com
    (a real game changer!)

  2. Bob

    have to disagree,
    this will allow you to pay anyone simply by knowing there phone number.
    certainly the technology has existed to do this before this anouncement,
    but now, anyone with a bank account will have access simply as a part of thier bank account at thier bank.
    no third party website with a funny name to sign up at.
    this is a game changer.

  3. Chas Malloy

    javascript: IDC.twitter.load_popup();
    Game Changing, please it is the feeblest entry into the mcom ecosystem amongst many in a frenetic market that near term will continue to be fragmented. Had this been an announcement of a service such as CashSend cardless ATM P2P I would be impressed. This is yet the mobilizaton of an old service and you can be assured it will generate user fees

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