clearXchange, the largest person-to-person (P2P) payments network in the U.S. created by and for financial institutions, and FirstBank, the second-largest bank by deposits in Colorado, announced today that FirstBank will join the clearXchange network.
With clearXchange, FirstBank customers will be able to send payments from their existing FirstBank account safely and conveniently using only the recipient's mobile number or e-mail address and without providing sensitive account information. With FirstBank, clearXchange continues its network expansion and drive to ubiquity, delivering value to customers of banks of any sizes. Nationwide, clearXchange banks represent more than 50 percent of the consumer online banking market.
"FirstBank is an innovative organization that shares clearXchange's vision for a seamless, reliable bank-focused payment network, open to everyone with a U.S. bank account," said Michael Kennedy, CEO of clearXchange. "We both recognize the power of banks and credit unions to collectively move from cash and checks to electronic payments - improving the customer experience and lowering costs."
FirstBank - with $12 billion in deposits and 115 locations in Colorado, Arizona and California - is the first non-founding member of the clearXchange network. clearXchange was launched in 2011 as a bank-focused payments joint venture among Bank of America (BAC), JPMorgan Chase (JPM) and Wells Fargo (WFC), with membership open to banks and credit unions of all sizes.
"Joining the clearXchange network allows FirstBank customers to send and receive money from the convenience and safety of our trusted FirstBank online and mobile channels," said Jim Reuter, president of FirstBank Support Services. "The reach of clearXchange made it the clear person-to-person network of choice to bring value to our customers," said Reuter.
How clearXchange works
For banking customers, clearXchange enables P2P payments directly from consumers' existing deposit accounts through their bank's convenient, secure online and mobile sites. There is no need to open a new account or conduct financial transactions away from their bank's trusted site. When getting paid, funds are directly deposited into the consumer's bank account. And customers get all the services and protections that they get today from their banks.
For banks and credit unions, clearXchange allows the bank to offer their customers a compelling P2P product within the bank's online and mobile session. The financial institution continues to drive and maintain its own customer experience and remain the center of their customers' financial lives. Enrolled customers conduct transactions on the bank's sites and receive support from their bank regardless of where a transaction is initiated.