Wells Fargo to Offer Real-Time P2P Payments to 17 Million Mobile Customers
June 27 2016 - 10:26AM
Business Wire
Beginning August 1, customers can send funds
with no fee to millions of banking customers nationwide
Wells Fargo & Company (NYSE: WFC) announced today that it
will soon make real-time person-to-person (P2P) transactions
available to its more than 17 million mobile customers in the
United States. Beginning August 1, Wells Fargo’s service will allow
its customers to send funds in real-time at no cost to any customer
of a bank that participates in the real-time service, which
operates on Early Warning’s clearXchange™ network. Wells Fargo
customers can already receive real-time payments at no cost from
customers at any bank participating in the network.
“At Wells Fargo, we’re always looking for new ways to make our
customers’ lives easier, and one thing we’ve been hearing is that
they’d like to be able to quickly send money to their friends,
family and other people who bank with other financial
institutions,” said Brett Pitts, Head of Digital for Wells Fargo
Virtual Channels. “We’re very excited to announce that Wells Fargo
customers will soon have access to real-time P2P payments through
our mobile app, which will allow them to securely send and receive
money with tens of millions of banking customers across the
country, at any time, with immediate funds availability.”
Customers will be able to access real-time P2P payments first
through Wells Fargo’s mobile and tablet apps. Using the email
address or phone number of the payment recipient, they will
initiate a P2P payment, which will generate and send a payment
notification to the recipient telling them their funds are
available to spend, withdraw, transfer or save. Account information
is not shared between the sender and receiver, and all information
is transmitted securely.
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/20160627005908/en/
MediaWells Fargo & CompanyKris Dahl,
612-667-7271kristopher.a.dahl@wellsfargo.com
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