U.S. Bank Becomes Member of clearXchange to Bring Customers Faster, More Secure Digital Payments
March 17 2015 - 7:00AM
Business Wire
U.S. Bank, lead bank of U.S. Bancorp (NYSE: USB), has made an
investment in and joined clearXchange, the largest bank-focused
digital payments network in the United States. With the addition of
U.S. Bank, the clearXchange network now includes 5 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, it will be even
easier for U.S. Bank customers to send payments to anyone with a
United States bank account from the security and convenience of
their U.S. Bank online and mobile banking experience. 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.”
“I’m very excited to welcome U.S. Bank to the clearXchange
network,” said Mike Kennedy, CEO of clearXchange. “This partnership
will improve U.S. Bank’s customer experience and further enhance
the value of the clearXchange network to financial institutions and
their customers.”
U.S. Bank is the fifth owner of the network, joining current
owners Bank of America, Capital One, JPMorgan Chase and Wells
Fargo. Today, banks in the clearXchange network have access to the
broadest group of digital bank customers in the United States,
which enables seamless exchange of information and speeds up the
person-to-person payment process. In addition, corporate and
government clients can benefit from the cost savings, security and
speed of making disbursements over the clearXchange network.
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.
About clearXchangeFounded in 2011, clearXchange is a
bank-focused digital payments company with customers including Bank
of America (NYSE: BAC), Capital One (NYSE: COF), JPMorgan Chase
(NYSE: JPM), U.S. Bank (NYSE: USB), Wells Fargo (NYSE: WFC) and
multiple regional financial institutions. Membership is open to
financial institutions of all sizes. clearXchange develops
solutions for financial institutions to make digital payments
easier and safer. With only the recipient’s mobile number or email
address, customers can send funds directly from their bank account
to the recipient’s bank account without requiring sensitive account
information. Nationwide, clearXchange banks represent more than 100
million online banking consumers. The company is headquartered in
San Francisco. For more information, visit
www.clearXchange.com.
About U.S. BancorpU.S. Bancorp (NYSE: USB), with $403
billion in assets as of December 31, 2014, is the parent company of
U.S. Bank National Association, the fifth-largest commercial bank
in the United States. The company operates 3,176 banking offices in
25 states and 5,022 ATMs and provides a comprehensive line of
banking, brokerage, insurance, investment, mortgage, trust and
payment services products to consumers, businesses and
institutions. Visit U.S. Bancorp on the web at www.usbank.com.
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U.S. Bank Corporate CommunicationsTeri Charest,
612-303-0732teri.charest@usbank.comorclearXchangeMelissa Lowry,
415-813-4430melissalowry@clearxchange.com
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