ClearXchange, the US bank-owned digital payments network, is rolling out a system that enables real-time bank-to-bank transfers.
enabling customers to send funds directly from their bank accounts to the recipients’ using only an email address or mobile phone number. The platform is owned by Bank of America, JPMorgan, Wells Fargo, Capital One and US Bank, making it open to more than 100 million people.
Transactions made through the network already happen in real-time when money is transferred within the same bank but the new system will bring this feature to bank-to-bank payments as it is rolled out by members over the next year.
“As people and businesses increasingly transition everyday activities from traditional to online channels they expect things to be completed faster,” comments Mike Kennedy, CEO, clearXchange.
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