FirstBank is the first non-founding member of clearXchange, a bank-led network that lets consumers send payments to other customers of clearXchange banks.
ClearXchange's founding members are Bank of America, Wells Fargo and JPMorgan Chase. Bank of America and Wells Fargo offer clearXchange's service already, while JPMorgan Chase is live with only portion of its customers and plans to go nationwide in the near future. FirstBank will be live next year.
"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," says Michael Kennedy, CEO of clearXchange, in an Oct. 10 press release. "We both recognize the power of banks and credit unions to collectively move from cash and checks to electronic paymentsimproving the customer experience and lowering costs."
While the three founding banks cover more than half of the online banking market, Kennedy has made expanding clearXchange's reach a top priority. FirstBank has $12 billion in deposits and 115 locations in Colorado, Arizona and California.
"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," says Jim Reuter, president of FirstBank Support Services, in a press release.