If banks don't catch up quickly, they may end up losing some young customers altogether, analysts said. Depositors at some of America 's largest banks including Chase , Bank of America , Wells Fargo , and US Bancorp are going to be given the opportunity to plug into a jointly - owned system called “ ##X ” , to conduct instantaneous transactions by mobile phone . Although other companies such as Facebook and PayPal already offer payments apps with one to three minutes ’ 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 starting 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 Chase , Bank of America , Wells Fargo , and US Bancorp are going to be given the opportunity to plug into a jointly - owned system called “ ##X ” , to conduct instantaneous transactions by mobile phone . Although other companies such as Facebook and PayPal already offer payments apps with one to three minutes ’ 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 starting to phase in daily settlement from September 2016 , clearXchange 's banking industry advantage could be short - lived .