According to the Wells Fargo, the program, called clearXchange, will allow customers of the three banks to move funds directly from their existing checking accounts using an email address or mobile number, instead of using checking account and routing numbers.
The banks said that the clearXchange service will roll out across the US, with plans to add other financial institutions and endpoints to create a money movement capability across the industry over the time.
The three banks will own and run clearXchange, with Bank of America’s John Feldman serving as general manager.
The financial terms of the deal were not disclosed.
