Capital One, a US-based financial holding company, has acquired a certain stake in clearXchange network, in an effort to expand payment options for customers.
Capital One joins clearXchange as its fourth owner alongside Bank of America (BofA), JPMorgan Chase, and Wells Fargo, It is also the fifth bank customer of the clearXchange network.
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Built by and for financial institutions, clearXchange is the first network in the US that enables customers to send person-to-person payments effortlessly and securely with only an email address or phone number.
Following acquisition of the stake, Capital One has become a member of the network, which will enhance its capabilities to offer customers to pay anyone with a US bank account without requiring account details.
Capital One digital executive vice president, Jack Forestell, said that the company is focused on bringing its customers innovative products and services that allow them to spend wisely and transact easily – when, where and how they want.
"Partnering with clearXchange is another way we are bringing safe and secure payments through convenient, digital channels to our customers," Forestell added.
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By GlobalDataclearXchange CEO, Mike Kennedy, commented, "This partnership expands the value of the clearXchange network by enabling more customers to easily make secure payments to their friends and family, and it will drive additional innovation in person-to-person payments."
