Wells Fargo & Co. says it has expanded its online foreign exchange services to reach its small-business customers.
The San Francisco banking company announced last week that international payment services are now available through Wells Fargo Business Online Banking, its Web site serving small to midsize businesses. Executives said the banking company has been testing the services with several hundred customers for several months.
Until now, when small-business customers wanted online foreign exchange services, Wells had to enroll them in its corporate-scale Commercial Electronic Office cash management portal, said Gregg Napoli, an executive vice president in the banking company's foreign exchange services group. "Now they can access really robust foreign exchange in their primary online channel."
Mr. Napoli estimated that 20% or more of Wells Fargo's small-business customers could be candidates for the international payment services.
Adam Vancini, a senior vice president in Wells Fargo's Internet services group, said the suite of offerings includes real-time exchange rates for more than 90 currencies, wire transfers, and foreign drafts, and it provides settlement to the final beneficiaries for payment of taxes and invoices in other countries.
"For customers that do need this service, it's an absolutely critical application," he said.
Though the small-business version uses the same technology and trading desk as the corporate version, it has a simplified structure for less sophisticated users, Mr. Vancini said. It also features an International Money Tips Database with currency information and travel tips for 60 countries, as well as a glossary of commonly used international trading terms.
