Magazine article American Banker

What's in a Name? ClearXchange Eyeing Catchier Moniker

Magazine article American Banker

What's in a Name? ClearXchange Eyeing Catchier Moniker

Article excerpt

Byline: John Adams

ClearXchange has access to a majority of the market's online banking accounts as it takes on Venmo, but there's one thing it may not have.

"If you look at Venmo, it's as much a verb as it is a noun...'venmo' me the money. It's tough to turn clearXchange into a verb," said Richard Crone, a payments consultant whose firm also researches marketing.

The bank-led clearXchange system is expected to launch a new brand for its P-to-P service, "Zelle," according to the Wall Street Journal. The paper attributed the report to unnamed sources, and Early Warning--clearXchange's operator--did not return a request for comment by deadline.

"Zelle has a new hip flair to it and it can be easily translated into a verb," Crone said. "'Zelle me the money' almost sounds like 'show me the money.'"

The name is not final, the Journal reported, but as of now it's scheduled to be unveiled in October. The paper also said clearXchange, which has operated for several years, has not been promoted as a consumer brand.

JPMorgan Chase, Bank of America and Well Fargo founded clearXchange as a way to attract consumers to an easy-to-use money transfer system--email or mobile phone numbers are all that's required to route most transactions.

The three founding banks cover more than half of the online banking market, and clearXchange has added other banks over the past four years, including community banks such as FirstBank and larger banks such as U.S. Bank.

Early Warning, a bank-driven risk management initiative that includes many of the same banks behind clearXchange, merged the two systems in 2015 to broaden the scale and scope of both ventures. …

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