Wells Fargo Selected for 2002 Automated Clearing House Quality Award
SAN FRANCISCO — April 11, 2002
NACHA — The Electronic Payments Association — has selected Wells Fargo & Company as one of four winners of the 2002 ACH Quality Award in recognition of its successes in implementing quality Automated Clearing House (ACH) processes.
"The ACH is a high-quality payments system, and the ACH Quality Award showcases best practices and forward-looking business practices among ACH participants," said Mary Ann Francis, Chair of NACHA's ACH Quality Task Force and a Senior Vice President at National City Corporation. "The 2002 ACH Quality Awards highlight both well established ACH products, such as Direct Deposit, and new ACH applications."
"There are 19 billion checks written by consumers to retailers and other payors each year," said Sanjiv Sanghvi, Executive Vice President and head of Wells Fargo's Treasury Management Product Group. "Converting these items to electronic checks will provide tangible benefits to consumers and businesses alike."
Wells Fargo, a leader in ACH processing, is being recognized as an originating depository financial institution for its pioneering work on Check Truncation Decision Processing, which identifies checks that are ineligible for electronic conversion and ensures correct MICR line parsing.
"Solving these challenges greatly reduces our exception items, improves collection rates, improves processing quality, and satisfies consumer expectations for problem-free service," said Laura Lee Orcutt, Vice President and Product Manager for ACH at Wells Fargo. "We continue to provide creative solutions to our customers in order to reduce administrative return processing and streamline check and ACH processing."
Wells Fargo's Check Truncation Decision Processing was deployed during NACHA's Accounts Receivable Truncation pilot on behalf of an e-check customer. Orcutt said that item return rates were reduced from 10 percent to 1.1 percent. Wells Fargo Treasury Management has shown that a 98.9 percent check conversion success rate is possible, and has its sights set on a 99 percent-plus success rate.
Wells Fargo and the other ACG Quality Award winners, Capital One Financial Corporation, WorldCom, Inc. and Tower Federal Credit Union, will receive their awards and present their winning entries at NACHA's PAYMENTS 2002 conference in Dallas, Texas on Monday, April 15, 2002. Their case studies will also be published in NACHA's 2002 Electronic Payments Review and Buyers' Guide.
The ACH Network serves 20,000 financial institutions, 3.5 million businesses, and 100 million individuals. The ACH Network is commonly used for Direct Deposit of payroll and government benefits such as Social Security, Direct Payment of consumer bills, business-to-business payments, federal tax payments, and, increasingly, e-checks and e-commerce payments. In 2000 there were 6.9 billion ACH payments made worth more than $20 trillion.
Wells Fargo, with $308 billion in assets, is a diversified financial services company that provides banking, insurance, wealth management and estate planning, investments, mortgage and consumer finance from more than 5,400 stores, the world's leading Internet banking site (www.wellsfargo.com ) and other distribution channels across North America and elsewhere internationally.