U.S. Bank, lead bank of U.S. Bancorp (NYSE: USB), has made an investment
in and joined clearXchange, the largest bank-focused digital payments
network in the United States. With the addition of U.S. Bank, the
clearXchange network now includes 5 of the largest banks in the United
States, 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 United States 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 committed to bringing customers the most convenient and
secure payment options available in the marketplace,” said Gareth
Gaston, executive vice president of omnichannel banking at U.S. Bank.
“Digital person-to-person payments are far more convenient than writing
a check or having enough cash on hand to pay the babysitter or split a
rent payment. By joining with clearXchange, U.S. Bank customers have a
better way to make those payments quickly, easily and safely. We also
have the opportunity to explore other ways this payment exchange network
could come to light through our unified, omnichannel approach to
customer service.”
“I’m very excited to welcome U.S. Bank to the clearXchange network,”
said Mike Kennedy, CEO of clearXchange. “This partnership will improve
U.S. Bank’s customer experience and further enhance the value of the
clearXchange network to financial institutions and their customers.”
U.S. Bank is the fifth owner of the network, joining current owners Bank
of America, Capital One, JPMorgan Chase and Wells Fargo. Today, banks in
the clearXchange network have access to the broadest group of digital
bank customers in the United States, which enables seamless exchange of
information and speeds up the person-to-person payment process. In
addition, corporate and government clients can benefit from the cost
savings, security and speed of making disbursements over the
clearXchange network.
Implementation of clearXchange services by U.S. Bank will take place in
the future. Meanwhile, customers can continue to use the
person-to-person payments U.S. Bank offers online and in mobile banking.
About clearXchange
Founded in 2011, clearXchange is a
bank-focused digital payments company with customers including Bank of
America (NYSE: BAC), Capital One (NYSE: COF), JPMorgan Chase (NYSE:
JPM), U.S. Bank (NYSE: USB), Wells Fargo (NYSE: WFC) and multiple
regional financial institutions. Membership is open to financial
institutions of all sizes. clearXchange develops solutions for financial
institutions to make digital payments easier and safer. With only the
recipient’s mobile number or email address, customers can send funds
directly from their bank account to the recipient’s bank account without
requiring sensitive account information. Nationwide, clearXchange banks
represent more than 100 million online banking consumers. The company is
headquartered in San Francisco. For more information, visit www.clearXchange.com.
About U.S. Bancorp
U.S. Bancorp (NYSE: USB), with $403
billion in assets as of December 31, 2014, is the parent company of U.S.
Bank National Association, the fifth-largest commercial bank in the
United States. The company operates 3,176 banking offices in 25 states
and 5,022 ATMs and provides a comprehensive line of banking, brokerage,
insurance, investment, mortgage, trust and payment services products to
consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
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