BofA, JPMorgan, Wells form JV for online banking services

Reuters News
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Posted: May 25, 2011 10:58 AM

(Reuters) - Bank of America Corp, JPMorgan Chase & Co and Wells Fargo & Co have teamed up to create a joint venture for online banking services.

The move comes as eBay Inc unit PayPal and the world's largest search engine Google Inc are competing to launch a mobile payment service.

With the launch of clearXchange, customers of Bank of America Corp, JPMorgan Chase & Co and Wells Fargo & Co will now be able to move money more conveniently and safely using a mobile number or email address, the banks said in a statement.

No financial terms were provided.

The three banks will own and run Charlotte, North Carolina-headquartered clearXchange, with Bank of America's John Feldman serving as General Manager.

(Reporting by Rachel Chitra in Bangalore; Editing by Anshuman Daga)