Wells Fargo launches online cheque deposit service
29 March 2005 | 3411 views | 0
Source: Wells Fargo
Wells Fargo & Company (NYSE: WFC) 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 to a customer's desktop. Desktop Deposit is the first product in the industry to be available online through Wells Fargo's Commercial Electronic Office portal, or CEO. 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 Wells Fargo's new Electronic Deposit, piloted successfully by national retailer 7-Eleven, Inc. 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 Fargo's Desktop Deposit and Electronic Deposit, companies can improve cash flow by eliminating transportation costs and delays in the check-clearing system, especially when a merchant's 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 per cent of respondents felt that Check 21 would provide faster funds availability; 64 per cent said it would lead to better check processing efficiency.
"Check 21 allows us to take anywhere, anytime banking to the next level," said Steve Ellis, head of Wholesale Services at Wells Fargo. "It is truly banking without boundaries. Our business customers can now deposit checks into their Wells Fargo accounts from their offices, stores or operations. There's no more need to deal with multiple branches."