Depositors at some of America's largest banks including JPMorgan, Bank of America, Wells Fargo, and US Bancorp are going to be given the opportunity to plug into a jointly-owned system called “clearXchange”, to conduct instantaneous transactions by mobile phone. The new system, which is being rolled out in partnership with ClearBridge Financial Services Inc, will allow customers to make instant payments using their smartphones. Banks in other parts of the world are making similar moves. However, with the network used by PayPal’s Venmo and others looking to phase in daily settlement from September 2016, clearXchange's banking industry advantage could be short-lived.
Depositors at some of America's largest banks including JPMorgan, Bank of America, Wells Fargo, and US Bancorp are going to be given the opportunity to plug into a jointly-owned system called “clearXchange”, to conduct instantaneous transactions by mobile phone. The new system, which is being rolled out in partnership with ClearBridge Financial Services Inc, will allow customers to make instant payments using their smartphones. However, with the network used by PayPal’s Venmo and others looking to phase in daily settlement from September 2016, clearXchange's banking industry advantage could be short-lived.