U.S. Bank has invested and joined clearXchange, the largest bank-focused digital payments network in the U.S. The investment will also afford the opportunity to explore other ways the payment exchange network could develop from its unified, omnichannel approach to customer service.
With the addition of U.S. Bank, the clearXchange network now includes 5 of the largest banks in the U.S., along with multiple regional financial institutions, who together serve over 100 million online banking and 50 million mobile banking customers.
U.S. Bank, which has offered similar person-to-person payment services to customers for five years, will now be a member and co-owner of clearXchange.
Through clearXchange, it will be even easier for U.S. Bank customers to send payments to anyone with a U.S. bank account from the security and convenience of their U.S. Bank online and mobile banking experience. The only information the sender needs is the receiver’s mobile number or email address, eliminating the need to share sensitive account information.
U.S. Bank is the fifth owner of the network, joining current owners Bank of America, Capital One, JPMorgan Chase and Wells Fargo.
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