Capital One takes stake in ClearXchange
19 February 2014 | 6030 views | 1
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.