Wells Fargo, one of the largest automated clearing house (ACH) originators in the world, has implemented the S1 Corporate Banking ACH solution. The S1 solution will be deployed as a component of the bank’s Commercial Electronic Office (CEO) Portal. Wells Fargo and S1 have a long-standing partnership through Wells Fargo’s Trade Services Online (TSOL) product, Wells Fargo’s WellsXchange foreign exchange solution and Wachovia’s ACH Management solution.
Keith Theisen, Wells Fargo executive vice president, director of treasury management product team, said: “Banks need to take advantage of the desire by people to make payments in new ways as they move away from using cheques. S1 Corporate Banking allows Wells Fargo to meet the complex payment needs of its customers.”
Wells Fargo will be able to enhance its product offering by speeding time-to-market for state and federal tax format changes, offering enhanced payment reporting and delivering new beneficiary management tools. Other features of the S1 ACH solution include initiation of multiple ACH payments types including tax payments, payroll, international, and direct debits, payment import, export, upload, ACH reversal, and same-day settlement.
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