ClearXchange is the stuttering P2P payments network launched by several major banks, including Bank of America and Capital One Financial Corp., in 2011. Bank of America, for example, went live with the service in 2012.
WWhen the banks combined Early Warning and clearXchange late last month, they said they did so “to further ensure that our customers can send money, confidently, securely, and in real-time via their financial institutions.” The Early Warning and clearXchange — presumably now called SecureExchange — venture is purportedly “open to all banks and credit unions, of any size … [and] will also meet the Consumer Financial Protection Bureau’s vision of consumer protection in new faster payment systems.”
Despite this, Bank Innovation could not confirm how SecureExchange will differ from clearXchange. No official release date for the new SecureExchange has been set.