From Illinois Business Journal news services
MINNEAPOLIS – U.S. Bank, lead bank of U.S. Bancorp, has made an investment in and joined clearXchange, the largest bank-focused digital payments network in the country.
With the addition of U.S. Bank, the clearXchange network now includes five of the largest banks in the United States, along with multiple regional financial institutions, who together serve over 100 million online banking and 50 million mobile banking customers.
U.S. Bank, which has offered similar person-to-person payment services to customers for five years, will now be a member and co-owner of clearXchange. Through clearXchange, U.S. Bank customers will have an improved method of sending payments to anyone with a U.S. bank account. The only information the sender needs is the receiver’s mobile number or email address, eliminating the need to share sensitive account information.
“U.S. Bank is committed to bringing customers the most convenient and secure payment options available in the marketplace,” said Gareth Gaston, executive vice president of omnichannel banking at U.S. Bank. “Digital person-to-person payments are far more convenient than writing a check or having enough cash on hand to pay the babysitter or split a rent payment. By joining with clearXchange, U.S. Bank customers have a better way to make those payments quickly, easily and safely. We also have the opportunity to explore other ways this payment exchange network could come to light through our unified, omnichannel approach to customer service.”
U.S. Bank is the fifth owner of the network, joining current owners Bank of America, Capital One, JPMorgan Chase and Wells Fargo.
Implementation of clearXchange services by U.S. Bank will take place in the future. Meanwhile, customers can continue to use the person-to-person payments U.S. Bank offers online and in mobile banking.