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Wells Fargo, Bank of America Release Payment Solution

The joint effort will offer electronic funds transfers and business-to-business payments.

 

Wells Fargo (NYSE:WFC) and Bank of America (NYSE:BAC) have joined forces to operate a single, combined automated clearinghouse (ACH) platform for both companies and their clients. Pariter Solutions will allegedly be the country's largest processor of ACH payments.

The joint venture will offer electronic funds transfers, such as direct deposit, direct payment, business-to-business payments, e-checks, e-commerce payments and tax payments, featuring increased speed, broader product capability, and capacity for higher volumes of cross-border payments.

"Pariter Solutions is committed to finding innovative ways to deliver core business services," Stephanie Sturgis-Griffin, a senior vice president at Wells Fargo, who will be CEO of Pariter Solutions, said in a statement.

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