The three largest US banks Bank of America, JPMorgan Chase and Wells Fargo have unveiled their new P2P payments joint venture.

The banks say that their customers will be able to transfer and move funds directly from their existing checking accounts using an e-mail address or mobile number – instead of providing checking account and routing numbers.

The new platform known as clearXchange will be rolled out nationally and it is expected that eventually the service will be expanded to include other financial institutions and endpoints to create a money movement capability across the industry.

The three banks will own and run clearXchange, with Bank of America’s John Feldman serving as general manager.