A new person-to-person payment service launched by three major banks poses more of a long-term challenge than short-term threat to credit unions, an analyst said.

The clearXchange service is the first bank-owned solution of its kind, its backers say, and allows customers to send each other money with either a mobile number or email address. It's a joint venture of Bank of America, JPMorgan Chase and Wells Fargo and is based in Charlotte, N.C.

While aimed at P2P giant PayPal, which reported $27.4 billion in first-quarter money movement this year, credit unions also should take notice, a veteran consumer financial analyst said.

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