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ClearXchange, the peer-to-peer payments network with big bank backers has a new name: Zelle. The brand is still tentative, say sources for The Wall Street Journal, but the launch is scheduled for October. The likes of Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., U.S. Bancorp and Capital One Financial Corp. are on clearXchange/Zelle, going up against PayPal Holdings Inc.'s Venmo.
Speaking of new names, the WSJ reports R3 has named its blockchain project Concord and already filed to get the software behind the project patented. Designed especially for financial institutions, Concord's distributed ledger system will verify transactions but not publicly disclose them. The team supporting this project includes JPMorgan, BofA, U.S. Bancorp, UBS AG, Deutsche Bank AG, Banco Santander SA, Bank of New York Mellon Corp., Goldman Sachs Group Inc., Morgan Stanley, Royal Bank of Canada and Toronto-Dominion Bank, among others.
Meanwhile, some of R3's investors are also working on the Utility Settlement Coin --...