18 September 2014

Capital One takes stake in ClearXchange

19 February 2014  |  2806 views  |  1 Tablet with bubbles

Capital One has taken a stake in ClearXchange, the US bank-backed clearing house for person-to-person online payments transfer via mobile or e-mail.

Capital One joins existing stakeholders Bank of America, JPMorgan Chase, and Wells Fargo as a member-owner of the ClearXchange network.

With only the recipient's mobile number or email address, the ClearXchange network enables customers to send funds directly from their bank account to the recipient's bank account without the need to pass on more sensitive account information.

Jack Forestell, EVP of digital at Capital One, says: "Partnering with clearXchange is another way we are bringing safe and secure payments through convenient, digital channels to our customers."

With membership open to banks and credit unions of all sizes, ClearXchange has so far signed up only FirstBank as its sole non-owner participant, although it nonetheless claims to represent more than 50% of the consumer online banking market.

Comments: (1)

Brad Rosenthal - Payment Adviser Pty Ltd - Sydney | 20 February, 2014, 02:23

ClearXchange based on mobile and email proxies for person-to-person online payments is a great concept.

Have ClearXchange thought about US bank-banked clearing of business-to-business online payments with indirectly linked remittance information for manual or web services access? The IP is available now.

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

24 May, 2012
25 May, 2011

Related company news

 

Related company information

JPMorgan Chase

Featured job

Competitive base, bonus, full benefits
Boston, MA (USA)

Find your next job