ClearXchange

clearXchange, also known as Zelle, is a U.S.-based digital payments network owned by Early Warning that enables U.S. individuals and businesses to electronically transfer money from their bank account to another person's bank account using a web interface or mobile device. Unlike when using an Automated Clearing House (ACH) transfer, the payer does not need to know the bank account information of the payee to make a payment. Instead, that information is held by the clearXchange service, and the payer only needs to know the email address or phone number of the payee as a way to uniquely identify the recipient. To receive payments, the payee must register their bank account with clearXchange and associate it with their email address or phone number.

Also unlike an ACH transfer, the service only allows transactions initiated by the payer, not the payee. Once initiated, a payment cannot be canceled. The service's web site says that "Your recipient will generally receive the funds within 5 business days".

Before it was sold to Early Warning in January 2016, clearXchange was owned by a group of banks consisting of Bank of America, Capital One, JPMorgan Chase, US Bank, and Wells Fargo.

clearXchange was reported to have been rebranded as "Zelle" in August 2016, although the service has also continued to operate using the clearXchange name. A mobile app called Zelle was released in June 2017, and the new Zelle service provides much faster money transfers than what was previously offered by clearXchange. Transactions between accounts at financial institutions that participate in the "Zelle Network" are typically completed within minutes.

clearXchange was formed by Bank of America, Chase, and Wells Fargo in 2011. The service was designed to improve upon banks' existing person-to-person payment services by simplifying the money transfer process. It enables direct account-to-account transfers that avoid the need to first move money into a separate account. In 2013, clearXchange named Mike Kennedy Chief Executive Officer and FirstBank as a member. In 2014, it announced Capital One as an additional owner and member. In 2015, clearXchange announced US Bank as an additional owner and member.

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