Wells Fargo’s Internet Services Group senior vice president Brett Pitts said with Send & Receive Money customers can send payments electronically to others as mobile money transfer becomes more common, remembering multiple account numbers will be harder.
"Send & Receive Money allows customers to pay another person using information they typically either know or have programmed on their phone," Pitts added.
Launched nationwide, the clearXchange service for person-to-person payments can be carried out using an email address or mobile phone number without the need for recipient’s bank account number.
The service will be expanded over the course of time to allow Wells Fargo customers to send money to and receive money from customers at banks other than Bank of America.
Covered by Wells Fargo’s Online Security Guarantee, the service is available to all Wells Fargo customers with a checking or savings account and online banking.
Currently, the service is available free of cost.
