In two industry milestones in the evolution from paper to electronic, Wells Fargo & Company (NYSE:WFC) said today it captured and cleared electronically more than one million check images and more than $2 billion in deposits in a single day, setting a new threshold for its remote deposit capture services in only three years.
"Companies everywhere, from small firms in remote rural areas to global operations running thousands of outlets, have embraced this new service because it saves them significant amounts of time and money," said Stephanie Sturgis-Griffin, senior vice president of Wholesale Internet Solutions for Wells Fargo. "A year ago this month, we saw our first $1 billion day of processing volume, and we've continued growing our capacity to meet our customers' demand. Not bad for just three years."
When the "Check Clearing for the 21st Century Act" was signed into law on October 28, 2004, financial services companies were allowed to clear deposited checks using special digitally scanned check images, instead of original paper checks. With its Desktop Deposit service, Wells Fargo became the first major financial services company to deliver this technology as a service to businesses through its best-in-class internet portal, the Commercial Electronic Office (CEO).
Since that time, Wells Fargo has seen unprecedented customer use of its Desktop Deposit service, with:
- more than 4,300 Desktop Deposit clients nationwide,
- over 22,000 users globally, and
- nearly $300 billion deposited across all customer remote deposit services since inception.