Wells Fargo Payment Manager® Helps Businesses Digitize Payments
17 June 2016 - 10:00PM
Business Wire
Single interface enables companies to manage
B2P payments, disbursements
Even with check usage waning, U.S. businesses still send
consumers more than three billion checks annually — from insurance
claims and tax refunds to financial aid and rebates, according to
the Federal Reserve. To make the paper-to-electronic evolution
easier and more secure, Wells Fargo & Company’s (NYSE:WFC) commercial, corporate, and
institutional customers will soon be able to speed up B2P
(business-to-person) electronic payments with its new payment
option as part of the existing Payment Manager® service.
Payment Manager B2P, which is expected to roll out in early
2017, enables businesses to pay any consumer who has a U.S. bank
account without collecting or storing sensitive bank account
information. The service only requires the customers’ email address
or mobile phone number and any accompanying remittance details to
conduct a transaction.
“We’re excited to bring our business customers a new product
that will help them improve payment timing, maximize staff
efficiency, and boost payee satisfaction,” said Keith Theisen,
executive vice president and product management director for the
Wells Fargo Treasury Management Group.
Wells Fargo Payment Manager can be used to send B2P payments
through Early Warning’s clearXchangeSM network, and manage
traditional disbursements, all in a single interface. Businesses
will be able to approve payments and transmit payment instructions
for checks, Automated Clearing House (ACH) transactions, wires,
commercial card, and B2P payments in one electronic file. The
service also enables businesses to pay individuals in the
individual’s preferred method.
“As our world becomes more digital, we continue to evaluate and
invest in new, innovative technologies that prioritize our
customers’ experience and security,” said Theisen.
Wells Fargo is the No. 1 ACH electronic payment originator among
U.S. based financial institutions, according to NACHA – The
Electronic Payments Association.
About Wells Fargo Treasury Management
Wells Fargo Treasury Management helps government, large
corporations, middle-market companies, and organizations optimize
the cash conversion cycle with expert process analysis and
automated solutions for payables, receivables, and information
reporting. U.S.-based companies and their operations and
subsidiaries worldwide connect to their accounts and global cash
pictures through the Commercial Electronic Office® (CEO®) portal
and the CEO Mobile® service.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.8 trillion
in assets. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, insurance, investments, mortgage, and
consumer and commercial finance through 8,800 locations, 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 36 countries to support customers who conduct business
in the global economy. With approximately 269,000 team members,
Wells Fargo serves one in three households in the United States.
Wells Fargo & Company was ranked No. 27 on Fortune’s 2016
rankings of America’s largest corporations. Wells Fargo’s vision is
to satisfy our customers’ financial needs and help them succeed
financially. Wells Fargo perspectives are also available at
Wells Fargo Blogs and Wells Fargo Stories.
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version on businesswire.com: http://www.businesswire.com/news/home/20160617005094/en/
Wells Fargo & CompanyAngenette Lau,
415-396-9904angenette.m.lau@wellsfargo.com@AngenetteLauWF
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