• what Three of the nation’s largest consumer banks — Bank of America, JPMorgan Chase and Wells Fargo — have created a system for simple money transfers via phone or e-mail.
• why The new service, clearXchange, gets around a banking system that takes a really long time, requires a routing number, and has to go though the Federal Reserve’s tubes.
• threat This model threatens PayPal, the  solution du jour for this problem — which will likely someday make more money than its corporate parent, eBay. Unless this new thing takes off. source

Posted by Ernie Smith • Permalink