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clearXchange - The Social Payment

The Social Payment


What it does: The first bank-owned electronic person-to-person payments network; Send money to an email address or mobile phone number; Joint venture between JPMorgan Chase Bank, Wells Fargo and Bank of America.

Pros: Payments derived from a personal checking account can go to customers of any of the three partner banks; Eliminates need for checks or routing numbers.

Cons: Currently limited to customers of Chase, BofA and Wells Fargo.

Availability: TBD

More info: BofA, Chase and Wells Fargo Unveil New P2P Payments Network

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