FirstBank has announced a person-to-person (P2P) payments system as the newest tool in its robust mobile banking application
With this addition, FirstBank becomes the most recent bank to offer P2P payments through the clearXchange network, providing customers with an easy way to send and receive money via their mobile devices. FirstBank is the fourth member of the clearXchange network and will be going live today. It is the first regional bank in the nation to go live with the service.
clearXchange is the largest P2P payments network in the U.S. created by and for financial institutions, and the country’s leading banks rely on clearXchange’s financial technology to allow consumers and businesses to send and receive money using just an email or mobile number.
More than 100 million people already have access to the clearXchange network directly through their current bank.
The addition of clearXchange allows FirstBank customers to send payments from their existing FirstBank account safely and conveniently using only the recipient’s mobile number or e-mail address, and without providing sensitive account information.
Customers of participating banks can easily transfer and receive money using their existing online or mobile banking service. Others whose bank is not yet part of the clearXchange network only need to do a one-time registration at clearXchange.com to receive payments directly to their account at any US bank.
"Joining the clearXchange network gives our customers a reliable, convenient and secure way to send and receive money," said Jim Reuter, executive vice president at FirstBank. "We’re excited to continuously provide innovative services to our customers and enhance the flexibility of banking with FirstBank." Mike Kennedy, CEO of clearXchange, adds, "With clearXchange, FirstBank provides customers with a seamless and secure person-to-person payments solution, making it easier to send money to family and friends. We are excited to add FirstBank’s customers to our national network."
How clearXchange works
For banking customers, clearXchange enables P2P payments directly from a user’s existing deposit account through their bank’s online and mobile platforms.
Customers do not need to open a new account or conduct financial transactions via a third-party service to transfer funds. Instead of difficult to remember account numbers, customers use their email or mobile number.
When receiving a payment, funds are directly deposited into the user’s bank account. What’s more, customers get all the services and protections that they get today from their banks.
For banks and credit unions, clearXchange is a compelling P2P network that easily integrates into online and mobile platforms. The financial institution continues to drive and maintain its own customer relationships and remains the center of their customers’ financial lives.
Enrolled customers conduct transactions on the bank’s sites and receive support from their bank regardless of where a transaction is initiated.