US bank-owned clearXchange rolls out real-time payments

The solution is now available to all clearXchange member financial institutions and will be available to all new member institutions moving forward. Payments made using clearXchanges 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.

The clearXchange network is open to anyone with a US bank account. More than 100 million online banking customers already have access to the network through their banks 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 in 2016.