SOURCE: clearXchange, LLC

clearXchange, LLC

June 15, 2015 07:00 ET

clearXchange Announces Real-Time Payments Solution

SAN FRANCISCO, CA--(Marketwired - 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 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 clearXchange.com.

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