Wells Fargo Now Processing 88% of Payments Electronically
Wells Fargo Home Mortgage has received an annual award from an electronic payments trade association in recognition of its adoption of electronic payment processing.
NACHA - the Electronic Payments Association - has awarded Wells Fargo its "George Mitchell Payments Systems Excellence Award," noting that Wells Fargo now processes nearly 88% of its customers' payments electronically, including conversion of checks sent in by consumers to electronic payments at its lock box locations.
The award was scheduled to be presented to Wells Fargo at NACHA's annual conference in late March.
In fact, NACHA said that paper-based payments accounted for 81% of Wells Fargo's portfolio just four years earlier.
"Wells Fargo Home Mortgage has a longstanding commitment to enable its loan customers to make their payments when, where and how they choose," said Jerald Banwart, vice president of payment operations at Wells Fargo Home Mortgage, in a statement. "We offer our customers a full spectrum of payment options to meet their individual needs."
Wells offers a full suite of electronic payment options, including:
* Online payments that can be made over the Internet.
* Electronic payments that can be made over the telephone.
* Electronic bill presentment and payments.
* Automatic biweekly debits from a checking account.
In the first quarter of last year, 64% of Wells Fargo customers were still sending in payments by paper, but the company implemented check conversion at its lock box payments processing sites.
Check conversion is the process of using the routing and account numbers on a check to initiate an electronic payment. Wells Fargo is now converting more than two million checks per month into electronic payments.
With the implementation of check conversion, Wells Fargo will process more than 11 million customer payments electronically in the first quarter of 2004.
The George Mitchell Payments Systems Excellence Award is given annually to individuals and organizations that have improved the nation's electronic payment systems. The award is named in honor of a former vice chairman of the Federal Reserve. NACHA represents more than 12,000 financial institutions.
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