Depositors at some of the largest banks are finally going to get the chance to do something quick and simple: send money to another person's account instantaneously by mobile phone.

The idea has been in the works for at least five years, and in the meantime, Silicon Valley has made incursions into the industry's role as a payment intermediary. But now, big banks including JPMorgan Chase & Co, Bank of America Corp, Wells Fargo & Co and U.S. Bancorp are starting to plug into a system they jointly own, called clearXchange [ SecureExchange.com ], that will allow each others' customers to transfer money in a flash when they split a dinner check, rent payment or vacation bill.

"What we are doing now is delivering payments in real time, which is what our customers have asked for," Mary Harman, managing director for payments at Bank of America, said in an interview. The bank is one of two that have started rolling out the system to customers. Click Here to read rest of article