Wells Fargo is rolling-out Payment Manager B2P (business-to-person) in early 2017, enabling businesses to pay any consumer who has a U.S. bank account without collecting or storing sensitive bank account information.
Wells Fargo & Company’s commercial, corporate, and institutional customers will soon be able to speed up B2P (business-to-person) electronic payments with its new payment option as part of the existing Payment Manager service.
Payment Manager B2P service only requires the customers’ email address or mobile phone number and any accompanying remittance details to conduct a transaction.
Wells Fargo Payment Manager can be used to send B2P payments through Early Warning’s clearXchange network, and manage traditional disbursements, all in a single interface. Businesses will be able to approve payments and transmit payment instructions for checks, Automated Clearing House (ACH) transactions, wires, commercial card, and B2P payments in one electronic file. The service also enables businesses to pay individuals in the individual’s preferred method.
Wells Fargo Treasury Management helps government, large corporations, middle-market companies, and organizations optimize the cash conversion cycle with expert process analysis and automated solutions for payables, receivables, and information reporting. U.S.-based companies and their operations and subsidiaries worldwide connect to their accounts and global cash pictures through the Commercial Electronic Office (CEO) portal and the CEO Mobile service.
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