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.
