ClearXchange, the person-to-person payments network jointly operated and founded by Bank of America, JPMorgan Chase and Wells Fargo, accounted that Colorado-Based FirstBank will join the network. The bank is the first financial institution to join clearXchange aside from its three founding members.
As part of the network, FirstBank customers will now be able to send payments from their existing account using the recipient’s mobile number or e-mail address and without providing account information. According to clearXchange, its member banks now represent more than 50 percent of the consumer online banking market nationwide.
FirstBank, which has $12 billion in deposits and 115 locations in Colorado, Arizona and California, is the second-largest bank by deposits in colorado.
“The reach of clearXchange made it the clear person-to-person network of choice to bring value to our customers,” said Jim Reuter, president of FirstBank Support Services, in a written statement.