BofA, JPMorgan, Wells form joint venture for online banking services

Bank of America Corporation (BofA), 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 Corporation, 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.