Sorry, but our server has detected that your web browser is not set properly to work with our site. In order to use this site, please adjust your web browser preferences to allow JavaScript to run for this site and to accept cookies from this site.

News

Journalists and analysts, please contact us directly at press@clearXchange.com.

Press Releases


3.9.16 Early Warning Launches Real-Time P2P Payments with Bank of America, U.S. Bank
Company now enabling two Top 5 U.S. banks to deliver P2P transfers with immediate funds availability

SCOTTSDALE, Ariz., MAR. 9th, 2016 – Early Warning, the industry leader in real-time payments, authentication and risk mitigation, today announced that Bank of America is live and actively processing real-time person-to-person (P2P) transactions through Early Warning’s clearXchange™ network. Bank of America is one of the first banks to go live along with U.S. Bank.

Customers at both banks are now able to send eligible real-time P2P payments to customers at either bank, with funds made available for use. The solution is unique in its ability to provide consumers with immediate access to funds, directly in their bank account. Bank of America and U.S. Bank have a combined reach of nearly 22 million mobile banking customers in the U.S.

“Bank of America is committed to being a leader in payments and making it easier than ever for our clients to manage their finances,” said Thong Nguyen, president of retail banking at Bank of America. “We’re focused on creating a simple, straightforward person-to-person payments experience that lets our customers pay anyone with a couple of easy, intuitive steps.”

Real-time P2P payments are processed in two simple steps. First, after enrolling in their bank’s money transfer program, a customer initiates a P2P payment through online or mobile banking channels using a qualified recipient’s email address or mobile number. Second, a payment notification is sent to the recipient and funds are made available for withdrawal using any channel, including in the branch, at the ATM, with a debit card, at a point of sale, or more. Consumers’ account information is not shared and fund transfers are protected by the banks’ comprehensive authentication and fraud prevention tools.

“At Early Warning, our vision of faster payments is an ecosystem built by financial institutions to provide consumers the ultimate in convenience, flexibility and safety,” said Paul Finch, chief executive officer, Early Warning. “Today, I am pleased to see that vision become a reality with Bank of America and U.S. Bank. We are proud to partner with these forward-thinking institutions as we bring our real-time payment solutions to consumers nationwide.”

About Early Warning
Early Warning is creating the future of payments by delivering innovative payment and risk solutions to financial institutions nationwide. For over 25 years, Early Warning has been a leader in financial technology that protects and advances the global financial system. Learn more at www.earlywarning.com.

About Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,700 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 32 million active users and approximately 19 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Visit the Bank of America newsroom for more Bank of America news.

About U.S. Bank
U.S. Bancorp (NYSE: USB), with $422 billion in assets as of December 31, 2015, is the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States. The Company operates 3,133 banking offices in 25 states and 4,936 ATMs and provides a comprehensive line of banking, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

Media Contacts:

clearXchange
Crystal Thomas, 415-423-1352
crystalthomas@clearxchange.com

2.24.16 First Tech Federal Credit Union Focuses on Member Experience with Selection of clearXchange™ from Early Warning
Silicon Valley-based membership is first credit union to join the network

SCOTTSDALE, Ariz. - Feb. 24, 2016 – Early Warning, the industry leader in real-time payments, authentication and risk mitigation, today announced First Tech Federal Credit Union has joined its clearXchange network. First Tech is a Mountain View, Calif.-based credit union with $8.6 billion in assets focused on serving technology-oriented companies. As a network member, First Tech will provide its more than 420,000 members with a secure and convenient way to make person-to-person (P2P) payments directly through First Tech’s online and mobile banking platforms.

First Tech is the first credit union to join Early Warning’s clearXchange network, which is open to all banks and credit unions nationwide. clearXchange enables its network members’ account holders to securely send money to any recipient with a bank account in the United States using only the recipient’s mobile number or email address. The network has more than 25 million registered users, and customers from over 7,500 financial institutions sent or received a payment through the network in 2015.

Greg Mitchell, First Tech president and CEO, said, “Our members are forward-thinking tech leaders and entrepreneurs. Becoming part of this network keeps us dedicated to their needs – delivering unique, secure banking experiences relevant to their lifestyle.”

“First Tech’s focus on providing its members with industry-leading digital solutions has kept it at the forefront of innovation, making it a model for other financial institutions to follow,” said Paul Finch, CEO of Early Warning. “We are pleased to welcome First Tech as the first credit union to join our nationwide payments network.”

About Early Warning
Early Warning is creating the future of payments by delivering innovative payment and risk solutions to financial institutions nationwide. For over 25 years, Early Warning has been a leader in financial technology that protects and advances the global financial system. Learn more at Early Warning.

About clearXchange
clearXchange is the largest financial institution-offered digital payments network in the U.S. clearXchange enables financial institutions to offer secure and convenient digital payments to their customers directly through their mobile and online banking channels. Anyone with a U.S. bank account can access the network through clearXchange.com. Learn more at clearXchange.com.

About First Tech Federal Credit Union
First Tech Federal Credit Union is an $8.6 billion institution headquartered in Mountain View, Calif. It is the nation’s premier credit union serving the world’s leading technology-oriented companies and their employees, including HP, Microsoft, Agilent, Intel, CISCO, Amazon, Nike, CH2M Hill, Intuit, Google and more. First Tech is recognized as the industry catalyst for delivering effortless banking experiences to its 420,000 members through its 40 branch locations, more than 5,000 CO-OP Branch locations, 30,000 CO-OP Network ATMs and 286,000 ATMs nationwide. First Tech offers a full range of banking services, including credit and debit cards, mortgage, financial planning and insurance services. For more information, visit firsttechfed.com.

Media Contacts:


clearXchange
Crystal Thomas, 415-423-1352
crystalthomas@clearxchange.com

1.12.16 Early Warning Completes Acquisition of clearXchange
Acquisition creates real-time payments via banks and credit unions

SCOTTSDALE, Ariz. - Jan. 12, 2016 – Early Warning, the leader in fraud prevention and risk management, today announced the completion of its acquisition of clearXchange, the largest financial institution-led digital payments network in the United States.

"Integrating Early Warning’s industry-leading fraud prevention services, authentication capabilities, and bank network with the scope of clearXchange's digital payments solution will create the largest, most secure real-time payments ecosystem in the U.S.," said Paul Finch, chief executive officer of Early Warning. "Consumers, businesses, and government agencies will now be able to seamlessly send and receive payments with unparalleled speed, accuracy, and security through our network. We are eliminating friction from real-time payments."

The initial phase of the real-time platform will go live with banks in the first quarter of 2016 and will enable instantaneous person-to-person (P2P) payments and check deposits. Financial institutions currently participating in the network represent approximately 65% of the demand deposit accounts in the U.S. Participation in the network is open to all banks and credit unions in the U.S., regardless of size, charter, or location.

"The industry has committed to a broad, collective effort to develop the innovative services our customers demand," said Bill Demchak, chairman, president and chief executive officer of The PNC Financial Services Group Inc., which recently joined the network. "Early Warning is unique in its ability to deliver consumers and businesses faster payments with superior convenience, broader reach, and greater security."

"Our vision for the future is real-time payments that are universally accessible, secure, and provide the experience and convenience that all types of users want," added Finch. "At Early Warning, we believe the best payments solution is one developed, secured, and delivered by financial institutions."

About Early Warning
Early Warning is owned by Bank of America, BB&T, Capital One, JPMorgan Chase, PNC, U.S. Bank, and Wells Fargo. Early Warning provides risk management solutions to a diverse network of 2,300 financial institutions, government entities and payment companies, enabling businesses and consumers to transact securely and conveniently. Early Warning's unique business model facilitates a data exchange system based on collaborative, shared intelligence. For 25 years, the company has worked with organizations of all sizes to advance collaborative risk management and fraud prevention. For more information, please visit Early Warning.

Media Contacts:


clearXchange
Crystal Thomas, 415-423-1352
crystalthomas@clearxchange.com


10.26.15 U.S. Banks Unite to Form Industry Leading Secure Real-Time Payments Network
Meeting consumer, business and government payment needs

SCOTTSDALE, Ariz. – Oct. 26, 2015 – In a joint prepared statement, the CEOs of Bank of America, BB&T, Capital One, JPMorgan Chase, U.S. Bank, and Wells Fargo said, “Our customers want the ability to make payments to anyone, in real-time, making funds instantly available in the recipient’s bank account. To achieve this, we are combining our collective, bank-owned digital payments network (clearXchange) with our fraud, risk and authentication assets (Early Warning), to further ensure that our customers can send money, confidently, securely, and in real-time via their financial institutions.”

Early Warning, a trusted leader in fraud prevention and risk management will acquire clearXchange, the largest bank-owned digital payments network in the United States. As part of the transaction, U.S. Bank and PNC are expected to join Bank of America, BB&T, Capital One, JPMorgan Chase, and Wells Fargo as owners of Early Warning, pending completion of all applicable regulatory reviews.

The complementary assets of the combined companies will bring unprecedented speed, security, and efficiency to U.S. payments, allowing financial institutions to meet consumers, businesses, and government customers’ demand for real-time payments.

The enhanced platform will be open to all banks and credit unions, of any size, and will help modernize and secure the U.S. payment system as envisioned by the Federal Reserve Bank’s Payment System Improvement Initiative. The platform’s capabilities will also meet the Consumer Financial Protection Bureau’s vision of consumer protection in new faster payment systems.

“The bank CEOs are providing leadership at a time when the industry is looking for guidance and customers’ expectations have rapidly evolved,” said Paul Finch, CEO of Early Warning.

“With this acquisition, Early Warning is bringing together immediate funds availability, integrated authentication and fraud management capabilities into a single platform. The resulting security, reliability and consistency among financial institution payment services will provide a required catalyst to advance real-time payments,” added Finch.

About Early Warning
Early Warning is owned by Bank of America, BB&T, Capital One, JPMorgan Chase, and Wells Fargo. Early Warning provides risk management solutions to a diverse network of 2,300 financial institutions, government entities and payment companies, enabling businesses and consumers to transact securely and conveniently. Early Warning’s unique business model facilitates a data exchange system based on collaborative, shared intelligence. For 25 years, the company has worked with organizations of all sizes to advance collaborative risk management and fraud prevention. For more information, please visit Early Warning.

About clearXchange
clearXchange is owned by Bank of America, Capital One, JP Morgan Chase, U.S. Bank, and Wells Fargo. Founded in 2011 and based in San Francisco, clearXchange is the largest bank-offered digital payments network in the U.S. clearXchange enables financial institutions to offer easy, safe and convenient peer-to-peer, business-to-consumer, and government-to-consumer payments. Five of the six largest banks in the U.S. and multiple regional financial institutions have joined the network, and membership is open to banks and credit unions of all sizes. Consumers with a bank account at any financial institution in the U.S. can access the network through clearXchange’s website. For more information, visit https://www.clearXchange.com.


clearXchange
Crystal Thomas, 415-423-1352
crystalthomas@clearxchange.com


6.15.15 clearXchange Announces Real-Time Payments Solution

San Francisco, CA – June 15, 2015 – clearXchange, the largest bank-offered digital payments network in the U.S., today announced availability of its real-time payments solution. The solution, which will enhance the experience of consumers, businesses and government entities utilizing the clearXchange network, is now 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. By implementing the technology, financial institutions will be able to further meet the demand for real-time payments from consumers, businesses, and government customers. Over 50 percent of clearXchange 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. “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 email 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 rollout 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.

About clearXchange
Founded in 2011 and based in San Francisco, clearXchange is the largest bank-offered digital payments network in the U.S. clearXchange enables financial institutions to offer easy, safe and convenient person-to-person, business-to-consumer, and government-to-consumer payments. 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. Five of the six largest banks in the U.S. and multiple regional financial institutions have joined the network, and membership is open to banks and credit unions of all sizes. Consumers with a bank account at any financial institution in the U.S. can access the network through clearXchange’s website. For more information, visit https://www.clearXchange.com.

Media Contacts:


clearXchange
Crystal Thomas, 415-423-1352
crystalthomas@clearXchange.com


3.17.15 U.S. Bank Becomes Member of clearXchange to Bring Customers Faster, More Secure Digital Payments

Minneapolis & San Francisco, March 17, 2015 – 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 clearXchange
Founded in 2011, clearXchange is a bank-focused 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 https://www.clearXchange.com

About U.S. Bancorp
U.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.

Media Contacts:

U.S. Bank Corporate Communications
Teri Charest, 612-303-0732
teri.charest@usbank.com

or

clearXchange
Melissa Lowry, 415-813-4430
melissalowry@clearXchange.com


2.19.15 clearXchange Announced as Finalist for PYMNTS.com 2015 Innovator Awards

Prestigious Awards Presented in Live Ceremony at the Conclusion of the Innovation Project 2015

Boston, February 19, 2015 PYMNTS.com, the premier source of news and commentary on innovation in payments and commerce is pleased to announce the finalists for the 2015 Innovator Awards, including clearXchange, which is nominated in 3 categories: the NACHA Best Innovation ACH, Best Check Innovation, Best Invisible Innovation. clearXchange will join more than 80 finalists that will compete for Gold, Silver and Bronze Awards across 16 categories.

"We are proud to be a finalist for these awards in recognition of clearXchange's core role in the digital payment industry," said Mike Kennedy, CEO of clearXchange. "Today over 100 million online banking users are at a financial institution that is part of the clearXchange network. By using the clearXchange network, financial institutions can allow their customers to securely send and receive money using only an email address or mobile phone number."

The PYMNTS Innovator Awards are viewed as the most prestigious recognition in the payments industry and boast a submission, selection and voting process that is unmatched in intellectual rigor and competitive energy. A panel of judges made up of executives from across the payments spectrum viewed and deliberated on more than 600 submissions and narrowed them down to five finalists that will compete for 16 prestigious awards in categories like Most Innovative, Most Disruptive and Best New Technology.

The panel of judges included:
  • Jan Estep, President and CEO, NACHA
  • Matt Harris, Co-Founder and Managing General Partner, Bain Capital Ventures
  • Matt Witheiler, General Partner, Flybridge Capital Partners
  • Aaron Goldman, Principal, General Atlantic
  • Hans Morris, Managing Partner, NYCA Partners; former President Visa
  • Dan Rosen, Founder and Partner, Commerce Ventures
  • Paul Purcell, Partner, Continental Advisors
  • Karen Webster, CEO, PYMNTS.com

Voting is open now through February 25 on PYMNTS.com. Winners will be announced during a live ceremony at The Innovation Project 2015, powered by PYMNTS.com. The industry's foremost thought leadership event takes place March 18-19 on the campus of Harvard University and convenes the most thoughtful minds from established players, emerging disruptors, and entrepreneurial visionaries in the world of payments and commerce. This year's theme - Innovation At The Intersections – will explore the many forces outside of payments that are reinventing and reshaping how payments and commerce evolve.

To request an invitation, please click here.

About PYMNTS.com

PYMNTS.com is reinventing the way in which companies in payments share relevant information about the initiatives that shape the future of payments and commerce and make news. This powerful B2B platform is the #1 site for the payments and broader commerce ecosystem by traffic and the premier source of information about "what's next" in payments. C-suite and VP level executives turn to it daily for these insights, making the PYMNTS.com audience the most valuable in the industry. It provides an interactive platform for companies to demonstrate thought leadership, popularize products and, most importantly, capture the mindshare of global decision-makers. PYMNTS.com, where the best minds and best content meet on the web to learn "What's Next" in Payments and Commerce.

About the Innovation Project

Over two content-packed days this March 18 & 19, 2015, The Innovation Project 2015, powered by PYMNTS.com, will convene the most thoughtful minds from established players, emerging disruptors, and entrepreneurial visionaries in the world of payments and commerce on the campus of Harvard University. This year's theme - Innovation At The Intersections – will explore the many forces outside of payments that are reinventing and reshaping how payments and commerce evolve. Leading and participating in these discussions will be the most innovative, thoughtful and dynamic players from their sectors.

*Please note that The Innovation Project™ and PYMNTS.com℠ are not affiliated with Harvard University, nor is the Innovation Project™ 2015 a Harvard University program or activity.

Media Contacts:

Contact For PYMNTS.com
Brooke Hawkins, 617-374-4700
bhawkins@pymnts.com


2.19.15 clearXchange Announced as Finalist for PYMNTS.com 2015 Innovator Awards

Prestigious Awards Presented in Live Ceremony at the Conclusion of the Innovation Project 2015

Boston, February 19, 2015 PYMNTS.com, the premier source of news and commentary on innovation in payments and commerce is pleased to announce the finalists for the 2015 Innovator Awards, including clearXchange, which is nominated in 3 categories: the NACHA Best Innovation ACH, Best Check Innovation, Best Invisible Innovation. clearXchange will join more than 80 finalists that will compete for Gold, Silver and Bronze Awards across 16 categories.

"Corporate and government institutions across the U.S. can now benefit from the savings, speed and security of making disbursements through the clearXchange network, directly into their customers' bank account," said Mike Kennedy, CEO of clearXchange. "We are honored to be a finalist for these prestigious awards in recognition of our first-of-a-kind electronic disbursement solution that promises to transform the $3 trillion business and government to consumer disbursement market."

The PYMNTS Innovator Awards are viewed as the most prestigious recognition in the payments industry and boast a submission, selection and voting process that is unmatched in intellectual rigor and competitive energy. A panel of judges made up of executives from across the payments spectrum viewed and deliberated on more than 600 submissions and narrowed them down to five finalists that will compete for 16 prestigious awards in categories like Most Innovative, Most Disruptive and Best New Technology.

The panel of judges included:
  • Jan Estep, President and CEO, NACHA
  • Matt Harris, Co-Founder and Managing General Partner, Bain Capital Ventures
  • Matt Witheiler, General Partner, Flybridge Capital Partners
  • Aaron Goldman, Principal, General Atlantic
  • Hans Morris, Managing Partner, NYCA Partners; former President Visa
  • Dan Rosen, Founder and Partner, Commerce Ventures
  • Paul Purcell, Partner, Continental Advisors
  • Karen Webster, CEO, PYMNTS.com

Voting is open now through February 25 on PYMNTS.com. Winners will be announced during a live ceremony at The Innovation Project 2015, powered by PYMNTS.com. . The industry's foremost thought leadership event takes place March 18-19 on the campus of Harvard University and convenes the most thoughtful minds from established players, emerging disruptors, and entrepreneurial visionaries in the world of payments and commerce. This year's theme - Innovation At The Intersections – will explore the many forces outside of payments that are reinventing and reshaping how payments and commerce evolve.

To request an invitation, please click here.

About PYMNTS.com

PYMNTS.com is reinventing the way in which companies in payments share relevant information about the initiatives that shape the future of payments and commerce and make news. This powerful B2B platform is the #1 site for the payments and broader commerce ecosystem by traffic and the premier source of information about "what's next" in payments. C-suite and VP level executives turn to it daily for these insights, making the PYMNTS.com audience the most valuable in the industry. It provides an interactive platform for companies to demonstrate thought leadership, popularize products and, most importantly, capture the mindshare of global decision-makers. PYMNTS.com, where the best minds and best content meet on the web to learn "What's Next" in Payments and Commerce.

About the Innovation Project

Over two content-packed days this March 18 & 19, 2015, The Innovation Project 2015, powered by PYMNTS.com, will convene the most thoughtful minds from established players, emerging disruptors, and entrepreneurial visionaries in the world of payments and commerce on the campus of Harvard University. This year's theme - Innovation At The Intersections – will explore the many forces outside of payments that are reinventing and reshaping how payments and commerce evolve. Leading and participating in these discussions will be the most innovative, thoughtful and dynamic players from their sectors.

*Please note that The Innovation Project™ and PYMNTS.com℠ are not affiliated with Harvard University, nor is the Innovation Project™ 2015 a Harvard University program or activity.

Media Contacts:

PYMNTS.com
Brooke Hawkins, 617-374-4700
bhawkins@pymnts.com


12.12.14 FirstBank Adds Person-to-Person Payment System to Its Powerful Mobile Banking App

Mobile payment system for Arizona FirstBank customers adds to robust mobile banking services

Phoenix, December 12, 2014 – FirstBank Holding Company, the highly successful bank with 15 branches in the Phoenix area, today announced a person-to-person (P2P) payments system as the newest tool in its robust mobile banking application. With this addition, FirstBank becomes the most recent bank to offer P2P payments through the clearXchange network, providing customers with an easy way to send and receive money via their mobile devices. FirstBank is the fourth member of the clearXchange network and will be going live today. It is the first regional bank in the nation to go live with the service.

clearXchange is the largest P2P payments network in the U.S. created by and for financial institutions, and the country's leading banks rely on clearXchange's financial technology to allow consumers and businesses to send and receive money using just an email or mobile number. More than 100 million people already have access to the clearXchange network directly through their current bank.

The addition of clearXchange allows FirstBank customers to send payments from their existing FirstBank account safely and conveniently using only the recipient's mobile number or e-mail address, and without providing sensitive account information. Customers of participating banks can easily transfer and receive money using their existing online or mobile banking service. Others whose bank is not yet part of the clearXchange network, only need to do a one-time registration at clearXchange.com to receive payments directly to their account at any U.S. bank.

"Joining the clearXchange network gives our customers a reliable, convenient and secure way to send and receive money," said Jim Reuter, executive vice president at FirstBank. "We're excited to continuously provide innovative services to our customers and enhance the flexibility of banking with FirstBank."

Mike Kennedy, CEO of clearXchange, adds, "With clearXchange, FirstBank provides customers with a seamless and secure person-to-person payments solution, making it easier to send money to family and friends. We are excited to add FirstBank’s customers to our national network."

Since opening its first Arizona location in 2007, FirstBank has provided area residents and businesses with more than 2,025 loans worth more than $750 million. FirstBank is highly active with local communities where its employees live and work. The company donated more than $5 million to nonprofits in Arizona, California and Colorado last year and was the main sponsor of the inaugural Arizona Gives Day, a 24-hour online giving initiative aimed at increasing individual giving throughout the state, which raised more than $1 million for Arizona non-profits.

How clearXchange works

For banking customers, clearXchange enables P2P payments directly from a user's existing deposit account through their bank's online and mobile platforms. Customers do not need to open a new account or conduct financial transactions via a third-party service to transfer funds. Instead of difficult to remember account numbers, customers use their email or mobile number. When receiving a payment, funds are directly deposited into the user's bank account. What's more, customers get all the services and protections that they get today from their banks.

For banks and credit unions, clearXchange is a compelling P2P network that easily integrates into online and mobile platforms. The financial institution continues to drive and maintain its own customer relationships and remains the center of their customers' financial lives. Enrolled customers conduct transactions on the bank's sites and receive support from their bank regardless of where a transaction is initiated.

For more information about the clearXchange network, go to https://www.clearXchange.com/.

About FirstBank

FirstBank operates more than 120 locations in Colorado, Arizona and California. FirstBank is the largest locally owned banking organization in Colorado, serving more than 650,000 customers. Since 2000, FirstBank has contributed more than $45 million and thousands of volunteer hours to charitable organizations.

FirstBank is unique in that a majority of its stock is owned by management and employees. For more information, go to www.efirstbank.com.

Media Contacts:

FirstBank
Brian Jensen, 303-235-1400
Brian.Jensen@efirstbank.com
or
Linhart Public Relations
Geoff Renstrom, 303-951-2564
grenstrom@linhartpr.com


9.30.14 BofA Merrill Introduces Digital Disbursements

New Offering Allows Companies to Make Payments to Their Customers Without Checks by Using Either a Mobile Phone Number or Email Address as the Identifier

New York, September 30, 2014 – Bank of America Merrill Lynch today announced the launch of Digital Disbursements, a new payment solution that enables companies to make payments to their customers digitally, eliminating the need to issue a check. The payments are directly routed to the bank account of the individual payee’s choosing using either a mobile phone number or email address as the identifier. The solution leverages the technology behind person-to-person payments, a capability currently available to individual customers of Bank of America’s consumer business.

“Digital Disbursements emerges from the rapidly evolving world of payments, in which both consumers and corporations are increasingly opting for faster, easier ways to send and receive money electronically,” said Ather Williams III, head of Global Payments in Global Transaction Services (GTS). “Through this method, customers don’t have to wait for the check to come in the mail and there is no need for companies to maintain sensitive personal bank account information.” The types of business-to-consumer payments that could be supported by Digital Disbursements include rebates, refunds and claims payments.

Digital Disbursements was created to serve middle-market, large corporate and public sector clients. It uses the proven technology already in existence for person-to-person (P2P) payments, a capability currently offered by Bank of America’s consumer business through the company’s alliance with clearXchange. Individual consumers have adopted P2P payment practices in large numbers, and feedback from focus groups concluded that people are eager to receive payments from companies or government entities in the same way.

Corporate clients will receive the following benefits from Digital Disbursements:
  • The ability to deliver funds to customers faster and with less complexity than a physical check.
  • A reduction in end-to-end disbursement costs by as much as 75 percent when compared to a physical check. Merchants could potentially save more than US$1 billion annually by eliminating disbursement checks1.
  • Reduction in escheatment management, an administrative burden that is both costly and time consuming.
  • Elimination of the need to obtain and store sensitive bank account information.

“Digital Disbursements is an example of true partnership and our commitment to collaborate across our businesses to deliver the best solutions for our clients based on their needs,” said Bill Pappas, Global Wholesale Banking Technology and Operations CIO. “By leveraging proven technology, we were able to develop an innovative solution for our corporate clients which speeds the payment process from several days to only a few minutes.”

“We are very proud to be one of the first banks to offer an alias-based business-to-consumer payments solution. Our corporate clients and their customers will benefit greatly from Digital Disbursements, which is an important step in the evolution of the payments industry in the United States,” said Dub Newman, head of Global Transaction Services, North America.

Digital Disbursements solves challenges facing payers and payees, while aligning with evolving trends in technology usage. A recent study performed by the Federal Reserve found that 85 percent of consumers and 81 percent of businesses prefer not to provide bank account information to the payee when making a payment2. Separately, the trend towards mobile banking continues to rise, and it is anticipated that by 2018, 63 percent of the mobile consumer population in the United States will use mobile banking3.

Digital Disbursements will be initially introduced to clients making payments in the United States. However, given the product’s global application, and that clients and their customers want the same convenience wherever in the world they do business, the bank expects to extend Digital Disbursements to other regions in the future.

“clearXchange is pleased to support Digital Disbursements, an exciting new use of the clearXchange platform that will make payments easier, faster and more secure for both corporations and their customers,” said Mike Kennedy, CEO of clearXchange. “Our partnership helps keep Bank of America Merrill Lynch at the forefront of innovation in the business-to-consumer payments market.”

Bank of America Merrill Lynch offers a global suite of electronic and paper-based disbursement solutions to help companies optimize their working capital with greater precision and control. Solutions include: low-value payments (Automated Clearing House), wire transfers, cross-border payments and multicurrency payments, as well as card solutions and ePayables. Furthermore, the bank’s expertise in foreign exchange means that companies can make international payments in over 140 currencies covering more than 200 countries and territories.

(1) Aite Group survey to 1,115 participants; Business-to-Consumer Disbursements: Time to Take Notice, June 5, 2012

(2) Federal Reserve System, Research on End-User Demand for Select Payment Attributes, 2014

(3) Javelin Strategy & Research, Mobile Payments to hit $20 Billion in 2012

Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small businesses, middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 49 million consumer and small business relationships with approximately 5,000 retail banking offices and approximately 16,000 ATMs and award-winning online banking with 30 million active users and more than 15 million mobile users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a registered broker-dealer and member of SIPC, and, in other jurisdictions, a locally registered entity. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.

Copyright 2014 Bank of America Corporation. All rights reserved. Bank of America, Merrill Lynch, Broadcort and their logos are trademarks of Bank of America Corporation and/or its affiliates.

Media Contact:

Louise Hennessy, Bank of America Merrill Lynch, 1.646.855.1403
louise.hennessy@bankofamerica.com


4.9.14 Payments with clearXchange disrupts banking

SAN FRANCISCO, CA, April 9, 2014 – Michael Kennedy, clearXchange CEO and co-founder, meets with CNBC to discuss his company’s P2P network that allows customers to send person-to-person payments easily and securely with only an email address or phone number.


2.19.14 Capital One Joins clearXchange Network

Partnership expands payment options for customers

MCLEAN, VA, February 19, 2014 – Capital One Financial Corporation (NYSE: COF) and clearXchange today announced that Capital One, N. A. has joined the clearXchange network as an owner, becoming the fourth owner alongside Bank of America, JPMorgan Chase, and Wells Fargo and fifth bank customer of the clearXchange network. clearXchange is the first network in the U.S. created by and for financial institutions that lets customers send person-to-person payments easily and securely with only an email address or phone number. As a member of the network, Capital One will expand its capabilities to provide customers the ability to pay anyone with a U.S. bank account without requiring sensitive account information.

“Capital One is focused on bringing its customers innovative products and services that allow them to spend wisely and transact easily – when, where and how they want,” said Jack Forestell, Executive Vice President of Digital at Capital One. “Partnering with clearXchange is another way we are bringing safe and secure payments through convenient, digital channels to our customers.”

“We are excited to add Capital One to our network,” said Mike Kennedy, CEO of clearXchange. “This partnership expands the value of the clearXchange network by enabling more customers to easily make secure payments to their friends and family, and it will drive additional innovation in person-to-person payments.”

With the broadest network of digital bank customers in the US, clearXchange provides an innovative way for financial institutions to enable customers to move from cash and check to more user-friendly bank digital channels. clearXchange provides the flexibility and tools needed for banks to deliver a person-to-person payments solution to best meet their customers’ unique needs.

About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N. A., had $204.5 billion in deposits and $297 billion in total assets as of December 31, 2013. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has more than 900 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

About clearXchange
Founded in 2011, clearXchange is a bank-focused payments company with customers including Bank of America (NYSE: BAC), Capital One (NYSE: COF), FirstBank, JPMorgan Chase (NYSE: JPM), and Wells Fargo (NYSE: WFC), with membership open to banks and credit unions of all sizes. clearXchange develops solutions for financial institutions to make person-to-person 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 50 percent of the consumer online banking market. The company is headquartered in San Francisco. For more information, visit https://www.clearXchange.com


10.10.13 FirstBank to Join the clearXchange Network

SAN FRANCISCO, CA and LAKEWOOD, CO, October 10, 2013clearXchange, the largest person-to-person (P2P) payments network in the U.S. created by and for financial institutions, and FirstBank, the second-largest bank by deposits in Colorado, announced today that FirstBank will join the clearXchange network.

With clearXchange, FirstBank customers will be able to send payments from their existing FirstBank account safely and conveniently using only the recipient’s mobile number or e-mail address and without providing sensitive account information. With FirstBank, clearXchange continues its network expansion and drive to ubiquity, delivering value to customers of banks of any sizes. Nationwide, clearXchange banks represent more than 50 percent of the consumer online banking market.

“FirstBank is an innovative organization that shares clearXchange’s vision for a seamless, reliable bank-focused payment network, open to everyone with a U.S. bank account,” said Michael Kennedy, CEO of clearXchange. “We both recognize the power of banks and credit unions to collectively move from cash and checks to electronic payments – improving the customer experience and lowering costs.”

FirstBank – with $12 billion in deposits and 115 locations in Colorado, Arizona and California – is the first non-founding member of the clearXchange network. clearXchange was launched in 2011 as a bank-focused payments joint venture among Bank of America NYSE: BAC), JPMorgan Chase (NYSE: JPM) and Wells Fargo (NYSE: WFC), with membership open to banks and credit unions of all sizes.

“Joining the clearXchange network allows FirstBank customers to send and receive money from the convenience and safety of our trusted FirstBank online and mobile channels,” said Jim Reuter, president of FirstBank Support Services. “The reach of clearXchange made it the clear person-to-person network of choice to bring value to our customers,” said Reuter.

How clearXchange works
For banking customers, clearXchange enables P2P payments directly from consumers’ existing deposit accounts through their bank’s convenient, secure online and mobile sites. There is no need to open a new account or conduct financial transactions away from their bank’s trusted site. When getting paid, funds are directly deposited into the consumer’s bank account. And customers get all the services and protections that they get today from their banks.

For banks and credit unions, clearXchange allows the bank to offer their customers a compelling P2P product within the bank’s online and mobile session. The financial institution continues to drive and maintain its own customer experience and remain the center of their customers’ financial lives. Enrolled customers conduct transactions on the bank’s sites and receive support from their bank regardless of where a transaction is initiated.

About FirstBank
FirstBank operates more than 115 locations in Colorado, Arizona and California. FirstBank is the largest locally owned banking organization in Colorado, serving more than 600,000 customers. Since 2000, FirstBank has contributed more than $40 million and thousands of volunteer hours to charitable organizations. FirstBank is unique in that a majority of its stock is owned by management and employees. For more information, go to www.efirstbank.com.

About clearXchange
Founded in 2011, clearXchange is a joint venture among Bank of America (NYSE: BAC), JPMorgan Chase (NYSE: JPM), and Wells Fargo (NYSE: WFC). With the broadest network of digital bank customers in the U.S., clearXchange provides an innovative way for financial institutions to personalize payments and reach customers. It is the first network in the U.S. created by and for financial institutions that lets customers send person-to-person payments easily and securely. 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. The safety and convenience of clearXchange allow customers to move from cash and check to more user-friendly bank digital channels. The company operates from offices in San Francisco and Charlotte, N.C. For more information, visit clearXchange.


9.10.13 clearXchange Names Michael Kennedy Chief Executive Officer

SAN FRANCISCO, September 10, 2013 – clearXchange, a joint venture among Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC) and JPMorgan Chase (NYSE: JPM), has named Michael Kennedy as the company’s chief executive officer. Kennedy co-founded and served as chairman of clearXchange while working as executive vice president and head of Innovation and Payments Strategy for Wells Fargo Bank. As CEO, Kennedy will devote 100 percent of his time to leading clearXchange. He will be based in San Francisco.

“The three founding banks have more than 50 percent of the nation’s online banking market, which makes us the largest bank-focused person-to-person payment system,” said Kennedy. “We are looking forward to serving even more customers by growing our end user base at the existing clearXchange banks, as well as adding new bank partners.”

In a joint statement, the board said, “We knew it was critical to select a CEO who has a focus on the consumer, deep experience in emerging mobile and digital payments, and understands how banks operate. In Kennedy, we found that individual.”

“clearXchange has tremendous upside for both consumers and the financial services industry,” added Kennedy. “There are an estimated $900 billion in annual person-to-person payments in the U.S.1, most of which are transacted in cash and checks. Helping to turn these person-to-person payments into digital transactions will enhance the experience for senders and receivers as well as take costs down for consumers and banks.”

As executive vice president and head of Wells Fargo’s Innovation and Payments Strategy, Kennedy drove mobile and emerging payments, strategy across all payment products, and technology research and development. Prior to this role, Kennedy led strategy and implementation for Wells Fargo’s Wealth Management group, which he joined in 2004.

Before joining Wells Fargo, Kennedy worked at McKinsey & Company consulting to financial services institutions, was the head of Strategy and Business Development at Vail Associates, and was an associate at a venture capital firm.

Kennedy earned his Bachelor of Science with distinction and Masters of Science degrees in Industrial Engineering from Stanford University and his MBA with distinction from Harvard Business School.

About clearXchange
Founded in 2011, clearXchange is a joint venture among Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC) and JPMorgan Chase (NYSE: JPM). With the broadest network of digital bank customers in the US, clearXchange provides an innovative way for financial institutions to personalize payments and reach customers. It is the first network in the U.S. created by and for financial institutions that lets customers send person-to-person payments easily and securely. 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. The safety and convenience of clearXchange allow customers to move from cash and check to more user-friendly bank digital channels. The company operates from offices in San Francisco and Charlotte, N.C. For more information, visit https://clearXchange.com.

1From the August 2012 Aite report “Sizing Online and Mobile Banking P2P payments in the United States.”

5.25.11 Bank of America, Chase, Wells Fargo form new venture to help consumers make person-to-person payments electronically

CHARLOTTE, NEW YORK and SAN FRANCISCO, May 25, 2011 – Bank of America, JPMorgan Chase and Wells Fargo today announced that they have formed a new venture to enable their customers to move money more conveniently and safely using a mobile number or email address. clearXchange is the first bank-owned solution of its kind and the service is available to its partners today.

Customers of the three banks will be able to move funds directly from their existing checking accounts using an email address or mobile number – instead of providing checking account and routing numbers. The clearXchange service will roll out nationally and there are plans over time to expand it to include other financial institutions and endpoints to create a money movement capability across the industry.

"This is an innovative game-changer in electronic payments," said Mike Kennedy, EVP and Head of Payments Strategy at Wells Fargo. "We want our customers to be able to easily send money to anyone without having to establish a new account outside their primary bank. All our customers need to know is the email address or mobile number of a friend or family member and we will take care of the rest utilizing clearXchange."

The three banks will own and run clearXchange, with Bank of America’s John Feldman serving as General Manager. Financial terms were not disclosed.

"Our goal is to provide convenient and safe financial services options for our customers," said David Owen, eCommerce, Claims and Fraud Executive at Bank of America. "By creating a utility like clearXchange, we are able to meet the needs of our customers and differentiate our capabilities from other offerings in the marketplace."

"clearXchange will allow us to make our popular person to person payments service even better," said Jack Stephenson, Director of Mobile, eCommerce and Payments at JPMorgan Chase. "Chase customers will be able to send and receive money even more quickly and easily – with full confidence their funds are in a bank account without worrying about cash, checks or higher-cost services."

clearXchange is headquartered in Charlotte, North Carolina.

Media Contacts:

Tara Burke, Bank of America, (203) 292-6590
tara.a.burke@bankofamerica.com
Christine Holevas, Chase, (312) 732-6206
christine.holevas@chase.com
Gabe Boehmer, Wells Fargo, (503) 886-4186
gabriel.h.boehmer@wellsfargo.com

What the Industry Is Saying

clearXchange will shake up the P-to-P market. ... This is a big-play.
Making an electronic payment might never have been easier than this: Wells Fargo has introduced clearXchange, a person-to-person payments platform that doesn't require the sender to know its recipient’s bank account number.
5.24.12 | ZDNet
Wells Fargo is the first bank to roll out nationally the clearXchange service for person-to-person-payments.
P2P is a great place for banks to take a stand, they have a competitive advantage, they have consumers already enrolled... so if that’s where your money already is, you can move it from one bank to another.
It’s nice to see banks using the power of their collaborative action to demonstrate that innovation can come from the bank side of the payments world as well.
5.31.11 | Glenbrook Partners
Payment strategies like the one announced by the big three banks, clearXchange, are not just important product developments, they are essential to keeping the financial institution industry in the game…the collaboration of Bank of America, Wells Fargo, and JPMorgan Chase in the new P2P network clearXchange makes for a giant leap in ubiquity.
5.26.11 | Mercator
Any capability that is more broadly introduced to the market just makes it better for all of us.
5.25.11 | American Banker
clearXchange would seem to keep banks relevant at a time when many bankers worry that tech newcomers and established alternative-payments providers such as PayPal Inc. are encroaching on their turf.