San Francisco-based Wells Fargo & Co. says it has launched a new service named Send & Receive Money that simplifies Wells Fargo customers' payments to other Wells Fargo and Bank of America customers through online and mobile banking using an email address or mobile phone number.

Wells Fargo says its customers no longer need to know their recipient's account number at Wells Fargo or Bank of America to conduct such a transaction. It contends it's the first bank to roll out nationally clearXchange, a joint venture it formed last year with Bank of America and JP Morgan Chase, to develop software to allow person-to-person electronic payments. Wells Fargo is an owner of clearXchange with the other two national banks.

"Customers want options and convenience," says Brett Pitts, senior vice president at Wells Fargo's Internet services group. "With Send & Receive Money, customers can send payments electronically to others without having to know their sensitive financial information, such as bank account numbers. As mobile money transfer becomes more common, remembering multiple account numbers will be harder. Send & Receive Money allows customers to pay another person using information they typically either know or have programmed on their phone."

Mike Kennedy, executive vice president and head of innovation and payments strategy at Wells Fargo and board chairman of clearXchange, says, "This is a great step in the vision we have for clearXchange. The ability to easily move money between family and friends across financial institutions is something asked for by our customers."

The service is available to all Wells Fargo customers with a checking or savings account and online banking. Customers can sign up for Send & Receive Money during an online banking session or via Wells Fargo's mobile apps or at wf.com. Transfers take up to one business day between Wells Fargo customers and up to three business days between customers of different financial institutions.

The service currently has no fee.

Over time, Wells Fargo's Send & Receive Money service will be expanded, and Wells Fargo customers will be able to exchange funds with customers at banks other than Bank of America.

Wells Fargo customers have been able to use an account number to make transfers to each other online since 2003. The service was extended through the mobile banking website wf.com in 2007, made available on new mobile banking applications for the iPhone and iPod touch in 2009, and on new applications for Android, BlackBerry, and Palm in 2010.