SAN FRANCISCO – clearXchange, the largest bank-offered digital payments network in the U.S. that requires only an e-mail address or mobile phone number, said it is now offering a real-time payments solution.
The solution is available to all clearXchange member financial institutions and will be available to all new member institutions moving forward.
“Payments made using clearXchange’s real-time solution are immediately available to the recipient through their existing bank account,” clearXchange said in a statement. “By implementing the technology, financial institutions will be able to further meet the demand for real-time payments from consumers, businesses, and government customers.”
clearXchange said that enabled transactions are already completed in real-time when customers transfer money within the same bank, and the new technology will enable real-time transfers from bank-to-bank.”
“As people and businesses increasingly transition everyday activities from traditional to online channels they expect things to be completed faster,” said Mike Kennedy, CEO of clearXchange, in a statement. “This includes financial transactions, particularly those with a need for real-time funds availability, such as sending emergency money to kids, paying rent at the last minute or receiving funds for an accident claim or disaster relief. We look forward to offering real-time technology to meet those needs and enable the secure, convenient solutions customers expect from their banks.”
The clearXchange network is open to anyone with a U.S. bank account. More than 100 million online banking customers already have access to the network through their bank’s online banking platforms, and all others can access services through clearXchange.com. Only an e-mail address or mobile number is needed to send funds directly to a checking or savings account, which provides customers an easy, convenient, and secure way to forego cash, checks and other higher-cost services.
Five of the six largest banks in the U.S. and multiple regional financial institutions participate in the clearXchange network. Member financial institutions are expected to roll out the real-time offering to their customers over the next year.
For more information on clearXchange and becoming a member financial institution, please visit https://www.clearXchange.com.