Beem It, the accident-prone instant payments joint venture between CBA, NAB and Westpac, is looking for a new chief executive following the departure of its inaugural CEO, Mark Wood.Banking Day was able to confirm last night that Wood, who was appointed CEO in March, had left the company.The board of the joint venture has appointed Angela Clark - most recently CBA's executive head of small business banking - as the company's acting CEO until a permanent replacement for Wood is found.Clark is a director of Digital Wallet Pty Ltd, the company that trades as "Beem It". Clark is a former CEO of Macquarie RadioNetwork and, more recently, director of innovation at the ABC, who joined CBA in early 2017.A spokesperson from Beem It's media unit indicated in an email response to questions from Banking Day that Wood had only ever been an "acting CEO" appointed on a fixed term.However, Wood himself used the CEO title - without the qualifying adjective - on LinkedIn and in media interviews."Beem It can confirm Mark Wood has stepped down as acting CEO, after concluding a fixed term contract," the spokesperson wrote in the email.Positioned as a substitute for Osko and the New Payments Platform, Beem It has tripped up several times since the three major banks announced the formation of the business in October last year.Wood inherited a branding headache when he took the reins in March, once it was discovered another Sydney-based digital payments company known as Beam Wallet already owned business names and intellectual property that closely resembled the bank-owned venture's trademark applications.The coexistence of the two brands has been awkward, to say the least.Earlier this year, Beam Wallet managing director Serdar Nurmammedov reported that scores of customers had been downloading his company's mobile app to their phones when they thought it was the digital offering backed by the three major banks.The branding mis-step was followed by a privacy breach in May, which resulted in the email addresses of 500 customers being inadvertently included in a bulk message sent to users of the service.In the middle of June its processing systems suffered a meltdown that delayed customer transfers for several days.The extended outage undermined the company's business case, given that its main point of difference in the financial services market hangs on its ability to execute payments instantly. The Beem It meltdown was skewered by its customers on social media as it coincided with both the launch of an advertising campaign by the service, and with BPAY's disclosure that its Osko instant payments arm, leveraging the New Payments Platform's PayID capability, had executed 10 million payments worth A$6.5 billion in its first three months.Since the launch of the NPP in February, the Osko and PayID services have been offered through roughly 60 banks and credit unions, though not by all the major banks. Beem It, on the other hand, has not revealed any data about its transaction volumes.