Banking

Wells Fargo Overhauls Payments, Virtual Solutions And Innovation Unit To Enhance Payment Efforts

Wells Fargo announced Friday (Feb. 10) it has overhauled its Payments, Virtual Solutions and Innovation Group, with the new structure focused on enhancing the unit’s efforts in the payments market.

In a press release, Wells Fargo said it is focusing on payments, artificial intelligence and application programming interfaces (APIs) to help increase its payments efforts and speed up opportunities with corporate banking customers. Wells Fargo said the investments in each area will help the company create digital banking products and make it easier for customers to achieve their financial goals.

“Customers want new types of services that make banking and managing finances convenient and easy — without disrupting their ability to interact with us how and when they desire,” said Avid Modjtabai, head of Payments, Virtual Solutions and Innovation, in the press release. “Since the announcement of our Payments, Virtual Solutions and Innovation Group in October, our goal has been to redefine the next generation of capabilities and offerings and to prioritize research and development that elevates the customer experience.”

In the payments space, Wells Fargo is bringing together its consumer, small business and commercial and corporate banking payment customers to accelerate the integration of its payments’ businesses and platforms. The unit is being headed up by Danny Peltz, head of Treasury, Merchant & Payment Solutions. His team will set Wells Fargo’s payments strategy.

On the AI front, Wells Fargo said it sees a lot of opportunities to better leverage data to provide personalized customer service through its bankers and digital channels. The bank created a new Artificial Intelligence Enterprise Solutions team, which is being led by Steve Ellis, head of Wells Fargo’s Innovation Group. As for APIs, Wells Fargo said the technology lets commercial and corporate banking customers integrate with Wells Fargo products and is focused on piloting new API-based services, which it began at the start of the year.

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