S1 Corporation (Nasdaq:SONE), a leading global provider of payments and financial services software solutions, today announced that Wells Fargo, one of the largest ACH originators in the world, has implemented the S1 Corporate Banking ACH solution.
The S1 solution will be deployed as a strategic component of the bank's award winning Commercial Electronic Office(R) (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 checks. 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.
"S1 has been a great partner to Wells Fargo for many years. Our past successful relationship and their commitment to innovation were the primary reasons we chose to partner with S1 on this new generation of our CEO Portal," said Theisen. "S1's customer-focused practices parallel Wells Fargo's own commitment to provide our customers with unsurpassed services."
"We are excited to expand our partnership with such an innovative leader," said Jan Kruger, Divisional President, S1. "This is an opportunity where both parties can bring industry leadership and payment expertise together to create an outstanding ACH offering."
With over twenty years experience providing cash management solutions, S1 Corporate Banking provides an integrated global payments framework supporting diverse domestic and international payments, including wire transfers, account transfers, ACH and localized payments for over twenty countries. In addition to comprehensive payment services, S1 Corporate Banking offers a highly flexible user-interface, extensive security and entitlement features like multi-factor authentication, bulk file transfers, check services, and complete information reporting.