WASHINGTON (AP) -- Three of the nation's four largest banks are launching a system that lets customers transfer money from their checking accounts using only a mobile number or e-mail address.
The banks say the service, called clearXchange, will make payments easier than traditional money transfers, which require a bank routing number and move through a system controlled by Federal Reserve banks.
The service poses a threat to eBay Inc.'s PayPal business, which currently dominates the market for online, electronic payments.
The service is a joint venture between Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. They are rolling it out nationally. The banks expect to add other financial institutions.
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