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. The network is equally owned by Bank of America, Capital One, JPMorgan Chase, US Bank, and Wells Fargo, and open to anyone with a U.S. bank account.

History

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

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, 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. Only the recipient’s email address or mobile number is needed to send money directly from bank account-to-bank account

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