Three of the nation’s biggest banks have formed a Charlotte-based venture that will allow customers to move money using only a mobile number or e-mail address. The partners – Bank of America Corp., Wells Fargo & Co. and JPMorgan Chase & Co. – said clearXchange is the first bank-owned offering of its kind and that it would be available starting Wednesday. It takes aim at competing electronic payment services such as PayPal.
The three banks’ customers will be able to send money to others directly from their existing checking accounts using an e-mail address or mobile number. In other transfer services, customers need to provide a checking account or routing number.
The service will be available nationally, and the banks plan to expand it to other financial institutions. The three banks will own clearXchange service, with John Feldman of Charlotte-based Bank of America serving as general manager. Financial terms were not disclosed.