JPMorgan Chase, Bank of America and Wells Fargo have agreed to operate through a system known as clearXchange, while Citigroup and other smaller banks are on a system known as Popmoney which enables consumers to send or receive money electronically via their existing bank accounts.
The banks hope that by connecting the two systems they will create a network of customers who can use the systems to transfer funds. In other words, consumers will be able to open a mobile phone application and click to send money to friends’ phones or e-mail accounts.
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