Early Warning Services is owned by Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, US Bank, and Wells Fargo. In January 2016, clearXchange was sold to Early Warning Services, LLC. Some transactions could take as much as five days or longer to be completed. In June 2015, clearXchange announced the availability of a real-time payment system. Capital One and US Bank were added as additional owner-members. The number of financial institutions affiliated with clearXchange grew to include other banks and credit unions.
The system associated each user bank account with an email address and mobile phone number, so only the recipient's email address or mobile number was needed to send money directly from a bank account to the bank account of another person who had signed up for the service. This feature and the lack of fees for using the service were highlighted as advantages for competition with other person-to-person payment services such as PayPal, Popmoney, and Square. The network connected with existing bank accounts, so consumers would not need to fund a separate account to use the service. Users accessed the network within the websites and apps of member financial institutions, and through clearXchange's website.
įor person-to-person payments, clearXchange enabled users to send money to other registered users having accounts at participating banks in the United States. The service offered person-to-person (P2P), business-to-consumer (B2C), and government-to-consumer (G2C) payments. It was originally owned and operated by Bank of America, JPMorgan Chase, and Wells Fargo. In April 2011, the clearXchange service was launched. Zelle has expanded over the years, and as of 2022 eighty percent of the US population could connect to Zelle through their banking app, with support by over 1600 financial institutions. The Zelle instant payment service was launched in June 2017, as the successor to the clearXchange payment service. The Zelle service enables individuals to electronically transfer money from their bank account to another registered user's bank account (within the United States) using a mobile device or the website of a participating banking institution. Zelle ( / z ɛ l/) is a United States–based digital payments network run by a private financial services company owned by the banks Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S.
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