The bank-run payments venture clearXchange has named Wells Fargo's Michael Kennedy as the company's chief executive officer.
Kennedy co-founded and served as chairman of clearXchange while working as executive vice president and head of innovation and payments strategy for Wells Fargo. Founded in 2011, clearXchange's other bank partners are Bank of America and JPMorgan Chase.
ClearXchange enables payments between customers of the three banks by using a mobile number or email address to identify recipients. Wells Fargo has also launched a person-to-person payments service based on clearXchange.
"The three founding banks have more than 50 percent of the nation's online banking market, which makes us the largest bank-focused person-to-person payment system," said Kennedy in a Sept. 10 press release. "We are looking forward to serving even more customers by growing our end user base at the existing clearXchange banks, as well as adding new bank partners."
As CEO, Kennedy will devote 100 percent of his time to clearXchange, and will be based in
As executive vice president and head of Wells Fargo's Innovation and Payments Strategy, Kennedy drove mobile and emerging payments, strategy across all payment products, and technology research and development. Prior to this role, Kennedy led strategy and implementation for Wells Fargo's Wealth Management group, which he joined in 2004.
Before joining Wells Fargo, Kennedy worked at McKinsey & Co., consulting to financial services institutions. He was also the head of strategy and business development at Vail Associates, and was an associate at a venture capital firm.