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Those six banks are among the seven largest by deposits in the United States.
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Their representatives declined to comment. JPMorgan Chase & Co and Capital One Financial Corp representatives told Reuters they plan to offer the service later this year.Īnalysts expect Wells Fargo & Co and PNC Financial Services Group Inc to do the same. Bancorp, which said last week that it was plugged into the speediest part of the network. Individuals transferred some $200 billion to one another using mobile phones and computers last year, according to Javelin Strategy & Research.īank executives and analysts who closely track payment systems say that if clearXchange is fast, functional and user-friendly, banks can make up for lost ground.īank of America plans to announce on Wednesday that its customers can transfer funds instantly through clearXchange with customers of U.S. While technology companies like PayPal Holdings and Facebook Inc already offer snazzy payment apps that appeal to young consumers, the banking industry has a crucial advantage because it controls how quickly money actually moves between bank accounts. The bank is one of two that have started rolling out the system to customers. “What we are doing now is delivering payments in real time, which is what our customers have asked for,” Mary Harman, managing director for payments at Bank of America, said in an interview.