Wells Fargo & Company (NYSE:WFC) has launched International Automated Clearinghouse (ACH) credit services to India, Hong Kong and Singapore.
The addition of these markets extends Wells Fargo's global ACH commitment to meet corporate customers' needs in Asia. For companies who need to make cost-effective cross-border payments, ACH offers a lower-cost alternative to international wires and greatly reduces or eliminates lifting fees.
"Our customers - from large corporations to small businesses - increasingly are doing global business. Asia is a key region for them," said Judd Holroyde, head of global product management for Wells Fargo. "Electronic ACH payments to India, Hong Kong and Singapore provide customers with significant cost savings versus wires and bring more efficiency to their payments processes."
"Our vendors and affiliates want to have the ability to get a Direct Deposit from us in a foreign country," said Chris Myers, controller for ClickBank, the Internet's leading retailer of digital products. "When India, Hong Kong and Singapore were added to our Wells Fargo ACH program, we could go out on our website and trumpet, 'Now we offer Direct Deposit to these countries.' It's certainly a nice thing for us and a competitive advantage."
The Asia services are completely integrated into all Wells Fargo ACH origination channels, which include direct transmission, Internet, and the proprietary Payment Manager service. This enables customers to send ACH payments to additional countries within their existing payments workflow.
"We've been very careful to ensure our customers gain the benefit of a global ACH offering within the same services they use to originate their domestic ACH payments. This streamlines implementation and makes for a superior customer experience," said Holroyde.