Magazine article American Banker

In Brief: Wells Likes Chances of In-House EBPP

Magazine article American Banker

In Brief: Wells Likes Chances of In-House EBPP

Article excerpt

Wells Fargo & Co. has unveiled its in-house electronic bill presentment and payment service, claiming to offer the most online billers and unique features for customers.

"Bill presentment is going to really fuel growth (of e-banking) over the next couple of years," said James P. Smith, Wells' senior vice president of consumer Internet services.

Market watchers such as Jupiter Research say e-payment is the fastest-growing application on the Internet, and online bill presentment is expected to follow the same path.

Mr. Smith said Wells Fargo has been quietly offering presentment for some time from its own internal billing units, such as credit cards. But as it kicked off its full EBPP service on April 29, it had "more true e-bills than anybody else" -- with 248 billers able to send statements to Wells customers.

Wells receives e-bills from four sources: CheckFree Corp., the leading provider of electronic bill presentment and payment; Metavante Corp., the technology subsidiary of the Milwaukee bank holding company Marshall & Ilsley Corp.; the MasterCard International Remote Payment and Presentment Service; and from its own internal billers.

Features of the new service include e-mail alerts to customers when a new bill arrives, when a payment goes out, and if payment has not been scheduled; customized reporting to help consumers organize their spending; payment from multiple checking accounts; and online collaboration with customer service using a "co-browsing" capability. …

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