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.