Bank of America, JPMorgan Chase and Wells Fargo have announced a new partnership called clearXchange. It enables customers to send money from a current account to someone else simply by entering their mobile phone number or email address. There’s no need to set up a separate account or to provide a sort code.
The clearXchange service will be rolled out across the USA and will eventually be available to customers of other financial organisations. It’ll be available from mobile banking apps and online.
Mike Kennedy, executive vice president and head of Payments Strategy at Wells Fargo, said “This is an innovative game-changer in electronic payments. 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.”
The service is seen as a rival to PayPal, which is available internationally.