Press release from Business Wire
FirstBank to Join the clearXchange Network
Thursday, October 10, 2013
FirstBank to Join the clearXchange Network06:05 EDT Thursday, October 10, 2013
SAN FRANCISCO & LAKEWOOD, Colo. (Business Wire) -- clearXchange, 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 costs.”
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,” said Reuter.
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 to www.efirstbank.com.
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.
Media for clearXchange:
Andrea Mahoney, 415-222-4722
Media for FirstBank:
Jamie Tafoya, 303-235-1251