SAN FRANCISCO - Wells Fargo & Co. has introduced a service that lets business customers initiate domestic and international payments, including wire transfers and automated clearing house transactions, through a single payment file.
"This streamlined process offers users substantial savings in time and expense," said Steve Ellis, executive vice president of wholesale Internet solutions at Wells.
Only a handful of financial institutions offer international ACH payments, considered an inexpensive alternative to other cross-border payment options. Wells began initiating ACH payments to Canada in 1995 and now offers them to the United Kingdom, France, Germany, and the Netherlands. The company says it plans to add other countries as well.