The New Wells Fargo Electronic Deposit Services Break Through Banking Boundaries

Tuesday 29 March 2005 10:39 CET | News

Wells Fargo has unveiled two new services that will allow a wide variety of businesses to deposit checks remotely from their own locations, helping them to save time, eliminate courier costs and consolidate their banking relationships with one provider nationwide.

As a back-office revolution takes hold in businesses across the country, and paper checks go electronic, Wells Fargo is leading the way, bringing the ability to deposit checks right from a customers desktop. The Desktop Deposit(SM) service is the first product in the industry to be available online through Wells Fargos Commercial Electronic Office (CEO) portal. A preliminary software version is currently being piloted by Semitropic Water Storage District in Central California. The pioneering CEO portal allows companies to bank at their convenience -- anywhere, anytime. Businesses can also use the new Wells Fargo electronic deposit, piloted successfully by national retailer 7-Eleven, Inc. Wells Fargo electronic deposit allows users with their own scanning equipment to make deposits simply by sending a standardized file to the bank. The innovations come as Wells Fargo, a leader in online banking and e-checking, is helping businesses realize the promise of The Check Clearing for the 21st Century Act (Check 21), which took effect last October. The law allows for printed versions of scanned paper checks to act as legal substitutes, greatly speeding up clearing times and ending trips to the bank to deposit checks. The legislation has been recognized for its potential in transforming check clearance times, but until now, no major bank product had been introduced for businesses eager to move into electronic check processing. With Wells Fargos Desktop Deposit service and Wells Fargo electronic deposit, companies can improve cash flow by eliminating transportation costs and delays in the check-clearing system, especially when a merchants bank accounts reside in several regions nationwide. The new services are designed to vastly simplify treasury and accounting functions, especially for retail, consumer and back-office businesses that manage high volumes of checks from local customers. A recent Treasury and Risk Management magazine survey of CFOs, treasurers and cash managers said that 68 percent of respondents felt that Check 21 would provide faster funds availability; 64 percent said it would lead to better check processing efficiency. The Desktop Deposit Service Businesses that take advantage of Check 21 will immediately give themselves a competitive advantage. With no software to install, the Desktop Deposit service allows for quick implementation company-wide. Customers can scan checks at their desks using equipment provided by Wells Fargo. Then they review the check images and key in dollar amounts via the CEO portal, and electronically send the deposit to the bank. Customers will improve cash flow by getting funds faster -- within two days of deposit -- compared with up to five days using a paper check. Fraud can be minimized as notice of returned checks will arrive faster. Overall cash management becomes more efficient thanks to the reporting capabilities of the CEO portal. And customers are not burdened by trips to bank branches. The Desktop Deposit service is ideally suited for customers processing up to 299 checks per day, per location. Tested in software versions before the launch, the product has won early high praise among Wells Fargo customers, including leading educational institutions, utilities and real estate management companies. Since the Desktop Deposit service is integrated with the CEO portal, enhancements can be performed across all image-capture locations instantaneously. Wells Fargo has already issued 20 functionality improvements and more than 30 new services since the portals launch in 2000. The CEO portal is now being used by more than two-thirds of Wells Fargos commercial customers.

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Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
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Banking & Fintech