Wells Fargo said late last week that it is introducing a new payment option as part of its existing Payment Manager service that will allow for B2P payments.
In a press release, the financial institution said that check usage may be slowing but the issuance of paper as a form of payment still tops more than 3 billion checks annually. That archaic form of payment spans everything from tax refunds to insurance claims. Wells Fargo said that the business-to-person addition to its platform means that — as of early 2017 — enterprises will be able to pay any consumer with a U.S. bank account and will not need to store that bank account information.
Payments will be made using only email addresses or mobile phone numbers, said the firm, with additional details as needed that would facilitate remittances.
The firm said that its Payment Manager can be used as a conduit to send B2P payments through Early Warning’s clearXchange network and also manage what it termed “traditional disbursements.” In terms of payments options, businesses can choose checks, ACH and other methods across a single electronic file, noted the firm.
In a statement that accompanied the release, Keith Theisen, executive vice president and product management director for Wells Fargo’s Treasury Management Group, said: “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.”