May 24, 2012 08:05 AM Eastern Daylight Time
You no longer need an account number to pay someone electronically: a mobile phone number or email address enables Wells Fargo customers to make payments leveraging clearXchangesm
SAN FRANCISCO--()--Wells Fargo & Company (NYSE:WFC) today announced the launch of Send & Receive Money, a new service that simplifies Wells Fargo customers’ payments to other Wells Fargo and Bank of America customers through online and mobile banking using an email address or mobile phone number. Wells Fargo customers no longer need to know their recipient’s account number at Wells Fargo or Bank of America. Wells Fargo is the first bank to roll out nationally the clearXchange service for person-to-person payments.“The ability to easily move money between family and friends across financial institutions is something asked for by our customers. We are happy to now provide the service.”
“Customers want options and convenience,” said Brett Pitts, senior vice president at Wells Fargo’s Internet Services Group. “With Send & Receive Money customers can send payments electronically to others without having to know their sensitive financial information, such as bank account numbers. As mobile money transfer becomes more common, remembering multiple account numbers will be harder. Send & Receive Money allows customers to pay another person using information they typically either know or have programmed on their phone.”
Customers can use their recipient’s mobile phone number or email address to initiate a person-to-person payment via clearXchange, which was formed to facilitate the movement of funds between bank customers to better meet their needs. Wells Fargo is an owner of clearXchange.
“This is a great step in the vision we have for clearXchange,” said Mike Kennedy, executive vice president and head of Innovation and Payments Strategy at Wells Fargo and board chairman of clearXchange. “The ability to easily move money between family and friends across financial institutions is something asked for by our customers. We are happy to now provide the service.”
Over time, Wells Fargo’s Send & Receive Money service will be expanded, and Wells Fargo customers will be able to send money to and receive money from customers at banks other than Bank of America.
Wells Fargo customers have been able to use an account number to make transfers to each other online since 2003. The service was extended through the mobile banking URL wf.com in 2007, made available on new mobile banking applications for the iPhone and iPod touch in 2009, and on new applications for Android, BlackBerry and Palm in 2010.
All Send & Receive Money transactions are covered by Wells Fargo’s Online Security Guarantee. Learn more about how Wells Fargo’s Online Security Guarantee works at https://www.wellsfargo.com/privacy_security/online/guarantee. Mobile Banking is also covered by the Online Security Guarantee.
The service is available to all Wells Fargo customers with a checking or savings account and online banking. Customers can sign up for Send & Receive Money during an online banking session or via Wells Fargo’s mobile apps or at wf.com. Transfers take up to one business day between Wells Fargo customers and up to three business days between customers of different financial institutions. The service currently has no fee.
Watch the educational video “Send & Receive Money – payments on the go” on Wells Fargo’s YouTube channel athttp://www.youtube.com/watch?v=1yc1XC98mbc. For more information about online banking, visit https://www.wellsfargo.com/wfonline, or to learn more about Wells Fargo’s mobile banking features visit https://www.wellsfargo.com/mobile.
