BofA Turns On clearXchange P2P Service; Chase Next

July 27, 2012
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Sorry, PayPal, banks are pushing ahead with their P2P payment strategies.

Bank of America Corp. officially rolled out its clearXchange service yesterday, a move that the nation’s second-largest bank by assets says enhances its already existing banking P2P transfer service.

ClearXchange is an open payment processing network by BofA, JP Morgan Chase and Wells Fargo & Co. In May, Wells Fargo nationally introduced the service to its customer. Chase tells Bank Innovation it will roll out the service later this year.

With BofA unlocking the service, customers can now make transfers to other U.S.-based bank accounts by an email address or mobile phone number without any fees. The new service has launched for the bank’s iPad, iPhone, Google Android, smartphone or tablet, Kindle Fire and Windows phone app.

Though banks are late to P2P efforts, industry experts say consumers prefer to transact through their banks. Plus, the move by the major banks points to how FIs plan to grab more of the P2P market.

“Banks do have an advantage when it comes to P2P, and clearXchange is part of it,” Jeff Crawford, senior consultant at First Annapolis Consulting, tells Bank Innovation.

In its 2012 Person-to-Person Payments Study report published this month, First Annapolis forecasts that mobile P2P payments are expected to grow to more than $50 billion by 2017.

Beyond improving the way in which its customers can pay other people, BofA announced a number of other new mobile services like more robust account alert management, including the option to receive push notifications and mobile RDC.

Bank of America first released its iPhone and iPad mobile apps in 2007. The bank has more than 10 million customers using mobile banking, which is a 6% increase from the prior quarter and up 34% from the year-ago period, according to data the bank released this month.

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4 Responses to BofA Turns On clearXchange P2P Service; Chase Next

  1. respected money bags on January 8, 2013 at 3:18 pm

    super super slow, don’t use it

  2. [...] beaming money to friends using their free within-institution ACH transfer service (now they useclearXchange), and I had dabbled but never gotten serious with PayPal.  My bank (TD), like most institutions, [...]

  3. [...] beaming money to friends using their free within-institution ACH transfer service (now they useclearXchange), and I had dabbled but never gotten serious with PayPal.   My bank (TD), like most institutions, [...]

  4. saver509 on October 28, 2013 at 2:19 pm

    This is a huge scam. I was trying to receive money from a family members Bank of America account and have it sent to my M & T account. The process was horrendous. I was told by a ClearXchange representative name Corina from the Philippines that my information did not match up. I told her that I was just receiving money and ask her why it was so difficult. She said that the US Public records do not match my address and that my credit check did not coincided some how…. I said “CREDIT CHECK??? To get money sent to me?” Well apparently that is procedure according to Corina. I NEVER agreed to a credit check. These people now have ALL of my pesonal information.. How is this possible?…. I then asked Corina to speak to supervisor and was told by her that “That is not necessary. I have already answered your questions.” I called and spoke to a rep from Bank of America and was told that they have “NO CONTROL” over ClearXchange’s procedures…… If you see this companies name pop up run away as fast as you can……

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