USA Banking Giants announce new bitcoin like money transfer service clearXchange

[Stephen Gornick]

necrothead, sorry, but this probably isn't worth of a new post.


ClearXChange has launched:

 - http://www.marketwatch.com/story/wells-fargo-launches-simplified-person-to-person-money-transfer-service-nationwide-2012-05-24
 - http://www.youtube.com/watch?v=1yc1XC98mbc

"Can Dwolla compete?"

 - http://blog.unibulmerchantservices.com/clearxchange-vs-dwolla-revisited

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[malaimult]

i have a chase bank account and wellsfargo bank account but i don't see any clearxchange services in my online banking menu

[Phinnaeus Gage]

Here's an example of what we can expect from ClearXChange:

http://consumerist.com/2011/05/chase-quickpay-decides-your-rent-payment-is-fraud-locks-down-accounts.html

Shockingly, 36 hours later the transaction was still shown as suspended. I yet again called and was informed that the transaction had been cancelled! Wait for it......because the transaction had taken too long to complete.

Great article and, IMHO, bodes well for Bitcoin.

~Bruno~

[ArticMine]

There has been a similar service in Canada since 2003. http://en.wikipedia.org/wiki/Interac_e-Transfer All this shows is how far behind the US banks are when compared to their counterparts in other countries. This has little to do with Bitcoin.

[istar]

Its great that the banks do improve, still, no privacy.

clearXchange, where have I seen a name that looks familiar...
cryptoXchange.

[wksantiago]

I think the banks are afraid of bitcoin.  This only means better service and power for consumers.

[franky1]

simply put, its a wire transfer between banks... just alot faster

[Yolocoin]

I think the banks are afraid of bitcoin. 

No, not really. This isn't the first attempt at alternative money transfer systems.  Paypal used to have competitors before eBay basically locked in their vertical monopoly.