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Capital One takes stake in ClearXchange

19 February 2014  |  5561 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
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.

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