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. It's important for banks to cater to 18-to-34-year-old Americans in the so-called Millennial generation as they enter their prime years for borrowing and saving. 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 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.