JPMorgan Chase is tying up with bank-led digital payments network ClearXchange to enable its customers transfer money in real time between financial institutions. The bank, which has Chase QuickPay that handled $20 billion in P2P transfers in 2015-16, began offering the service after its customers requested the same. ClearXchange is now available to all member financial institutions in June 2015. The bank has been offering digital P2P using Chase QuickPay. But now, consumers will be able to transfer funds in real-time within the bank and with customers at Bank of America and US Bank, two other major US-based retail banks that have been offering ClearXchange. Chase and its partner banks are offering a service that has been growing in popularity because of the convenience it provides. Consumers are particularly turning to mobile to transfer money – 46% of customers have made a mobile P2P payment, according to research reports.
