Banks officially launch clearXchange real-time payments
ClearXchange, the largest bank-offered digital payments network in the U.S., has announced the availability of its real-time payments product, according to a press release.
Bank of America, Capital One, JPMorgan Chase, US Bank and Wells Fargo own the network and will bring bank-to-bank payments to more than 100 million account holders, according to the announcement. The banks expect to add more banks in the future.
Payments made using clearXchange’s real-time product are immediately available to recipients through their existing bank account, according to the announcement. More than 50 percent of clearXchange-enabled transactions are already completed in real time when customers transfer money within the same bank, and the new technology will enable real-time transfers from bank to bank.
“As people and businesses increasingly transition everyday activities from traditional to online channels they expect things to be completed faster,” said Mike Kennedy, CEO of clearXchange. “This includes financial transactions, particularly those with a need for real-time funds availability such as sending emergency money to kids, paying rent at the last minute or receiving funds for an accident claim or disaster relief. We look forward to offering real-time technology to meet those needs and enable the secure, convenient solutions customers expect from their banks.”
The clearXchange network is open to anyone with a U.S. bank account, according to the announcement. More than 100 million online banking customers already have access to the network through their bank’s online banking platforms, and all others can access services through clearXchange.com. Only an email address or mobile number is needed to send funds directly to a checking or savings account.
Five of the six largest banks in the U.S. and multiple regional financial institutions participate in the clearXchange network. Member financial institutions are expected to roll out the real-time offering to customers over the next year.