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BofA, JPMorgan, Wells Form Joint Venture For Online Banking Services

May 25, 2011 | Reprints | Unlock Link | Print

Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. have teamed up to create a joint venture for online banking services.

The move comes as eBay Inc. unit PayPal and the world’s largest search engine Google Inc. are competing to launch a mobile payment service.

With the launch of clearXchange, customers of Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. will now be able to move money more conveniently and safely using a mobile number or email address, the banks said in a statement.

No financial terms were provided.

The three banks will own and run Charlotte, N.C.-headquartered clearXchange, with Bank of America’s John Feldman serving as general manager. (Reuters)

Banking & Lending