Three of the nation’s biggest banks — Bank of America, JPMorgan Chase and Wells Fargo, all with branches in Connecticut — have formed an electronic-payments networks for their customers to move money using a mobile number or email address.
The three banks will own and run clearXchange, with Bank of America’s John Feldman serving as general manager. The network is based in Charlotte, N.C.
The banks said Wednesday their clearXchange is the first bank-owned service of its kind and will eventually be expanded to include other financial institutions.
Financial terms of the partnership weren’t disclosed.
“This is an innovative game-changer in electronic payments” said Mike Kennedy, executive vice president and head of payments strategy at Wells Fargo.Â
