Depositors at some of JPMorgan 's largest banks including America , Facebook , US Bancorp , 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. Although technology companies such as Facebook and US Bancorp already offer payments apps with one to three days ’ clearance time, the banks claim that clearXchange will tap into the banking industry’s ability to control monetary transactions in real-time, offering users a faster, fully-functioning and more user-friendly experience. 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. Although technology companies such as Facebook and PayPal already offer payments apps with one to three days’ clearance time, the banks claim that clearXchange will tap into the banking industry’s ability to control monetary transactions in real-time, offering users a faster, fully-functioning and more user-friendly experience. 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.