US financial institutions, JPMorgan Chase, Bank of America, Wells Fargo and Citigroup are collaborating to link their digital payment systems to allow more consumers to easily transfer money with mobile phones messages and email instead of cash and cheques. According to the source JPMorgan Chase, Bank of America and Wells Fargo operate through a system known as clearXchange, while Citigroup is on a system known as Popmoney, which enables consumers to send or receive money electronically via their existing bank accounts. The banks hope that by connecting the two systems they will create a network with a critical mass of customers who can use the systems to pay one another.