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Released: May 26, 2011
Banks team up for online payment system
Source: E.Scott Reckard, L.A.Times (Free Registration)
Online and mobile customers of three major banks will be able to instantly zap funds from their accounts to other depositors at the banks under a program to be rolled out across the country over the coming year. Bank of America Corp., Wells Fargo & Co. and JPMorgan Chase & Co. are setting up an Internet exchange that would allow their customers to send money via text and email messages to customers at participating banks. The program, called clearXchange, accelerates a trend away from checks and cash, the conventional ways to tap bank accounts, to debit cards and digital payments.Read Full Article: Banks team up for online payment system
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