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Wells Fargo Home Mortgage Receives NACHAs 2004 Payments System Award

Monday 2 February 2004 15:02 CET | News

Wells Fargo Home Mortgage will process nearly 88 percent of its customers payments electronically in the first quarter of 2004, compared with 81 percent by paper in the first quarter of 2000.
In recognition of its accomplishment, Wells Fargo Home Mortgage will receive NACHAs 2004 George Mitchell Payments System Excellence Award. The award presentation will take place at NACHAs PAYMENTS 2004 conference in Seattle, Washington on March 22. In the first quarter of 2000, Wells Fargo Home Mortgage embarked on a project designed to help customers move from paper to electronic payments. At the time, only 19 percent of consumer payments were collected electronically. By 2002, Wells Fargo was offering a full suite of electronic payments to its customers, including: - Automatic Mortgage Payments - automatic monthly debits to checking accounts; - Online Payments - electronic payments made over the Internet; - Just in Time Payments - electronic payments made by telephone; - Electronic Bill Presentment and Payment - electronic statements presented online, follow by electronic bill payments; - Wells Fargo Equity Enhancement Program - automatic bi-weekly debits to checking account. Through the availability of these electronic payment options, an additional 17 percent of Wells Fargos payments shifted from paper to electronic. Still, 64 percent of payments in the first quarter 2003 were paper. The companys next step was to implement check conversion at its lockbox payment processing sites. Check conversion is the process of using the routing and account numbers on a check to initiate an electronic payment. NACHA rules that became effective in March 2002 enabled accounts receivable check conversion (ARC). Wells Fargo implemented ARC at a first lockbox site in September 2003, and by January 2004 all but one of its lockbox sites had implemented ARC. Wells Fargo Home Mortgage is now converting more than 2 million checks per month into electronic payments. With the implementation of check conversion, Wells Fargo Home Mortgage will process more than 11 million customer payments electronically in the first quarter of 2004. A detailed account of Wells Fargos electronic payments project is posted on NACHAs web site at (http://www.nacha.org). Each year NACHA presents the George Mitchell Payments System Excellence Award in recognition of individuals and organizations that have improved the nations payments system. The award is named in honor of George Mitchell, former Vice-Chairman of the Federal Reserve Board of Governors.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce