Capital One to enable peer-to-peer money transfers via e-mail, mobile devices

Monday 10 March 2014 00:16 CET | News

US-based financial services provider Capital One has revealed plans to join a network of financial institutions that enable peer-to-peer payment services via e-mail or mobile, using ClearXchange, a bank-owned platform.

Following the move, Capital One customers will be able to transfer money to a friend by logging into the bank’s website and entering their friend’s phone number or e-mail address. Capital One then pings the friend’s bank and allows the transaction. Customers of non-participating banks cannot currently send money but can receive transfers as long as they have registered on the ClearXchange website.

The number of people using their mobile devices to access bank accounts has grown more than 50% in the 2013, with almost one in three Americans saying they engage in mobile banking at least once a month, according to a recent survey by Accenture.

ClearXchange was founded in 2011 as a joint venture between Bank of America, J.P. Morgan Chase and Wells Fargo.

Capital One has USD 297 billion in assets and USD 204.5 billion in deposits.

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Keywords: Capital One, money, transfers, e-mail, mobile devices, online, banking
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech