By Business Wire, October 10, 2013, 06:05:00 AM EDT
SAN FRANCISCO & LAKEWOOD, Colo.--(BUSINESS WIRE)--
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
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,"
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.
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
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.