Wells Fargo has signed a multi-year contract with CheckFree to provide online banking, e-billing and payment processing services.
CheckFree has been providing online banking and electronic payment services to Wells Fargo since 1996. This latest agreement, which includes monthly revenue commitments, allows CheckFree to participate in Wells Fargo's enhanced bill pay service, alongside the bank's other EBPP partners including MasterCard RPPS, Metavante and Spectrum.
Through the new Online Bill Pay Service, Wells Fargo aims to provide a single place where customers can receive their electronic bills, set up e-mail alerts, make payments to anyone, and generate reports on bills and/or payments, with one user ID and password. The addition of CheckFree offers access to a network of more than 200 national and regional billers.
"Wells Fargo is committed to offering as many e-bills as possible to our customers. Continuing our relationship with CheckFree and integrating them into our new platform was an important next step in providing our customers with the most convenient bill pay options available," says Avid Modjtabai, executive vice president, Wells Fargo consumer Internet services.
The West Coast bank currently claims three million active online users - nearly a third of whom are doing bill payment and processing from the bank's Web site.