WELLS FARGO SPEEDS BILLS TO CUSTOMERS IN NEW ELECTRONIC BILL PRESENTMENT PILOT
SAN FRANCISCO — July 22, 1998
Wells Fargo has become the first bank to present consumer bills on its web site in a new pilot that paves the way for all Wells Fargo retail customers to receive and pay their bills electronically next year.
"When fully deployed, electronic bill presentment and payment will complete the promise of online banking by providing consumers with the convenience and control they want," said Dudley Nigg, executive vice president of Online Financial Services at Wells Fargo. "This pilot is an important first step."
The six-month pilot, which began last week with a group of employees, will enable participants to receive their Wells Fargo credit card bills online the day after each billing cycle concludes -- days before they would receive comparable paper-based bills in the mail. The biller-branded, richly formatted bills will contain all product/disclosure information typically included in mailed statements. Users can record notes about specific payments, and file bills electronically for future reference. When the offering is complete, consumers will be able to pay all their bills in the same session and schedule partial payment of bills on dates they select.
"Receiving bills online instead of waiting for snail mail to arrive is the ultimate in convenience," noted Nigg.
The pilot is the first of its kind to be supported with new technology developed by MSFDC, a joint venture between Microsoft and First Data Corporation. Initially, pilot participants will receive their bills online only through MSFDC, but the Wells Fargo service will ultimately be capable of delivering all of a customer's bills, even when presented through other sources.
Wells Fargo first offered online services in 1989, and in 1995 became the first major bank to offer its retail customers banking over the Internet. Today customers can access their account balances and transaction history, transfer funds between accounts, pay all of their bills, buy and sell securities, apply for consumer accounts and lines of credit, receive real-time decisions on applications for home equity loans/lines of credit, order travelers checks, cashiers checks, and foreign currency, and more through Wells Fargo Online. Wells Fargo was recently named "Best Bank" by Financial Net News and one of the "Ten Best Financial Sites" by TIME Digital. Currently, Wells Fargo has approximately 470,000 customers banking online.
Founded in 1852, Wells Fargo & Company has assets of $93.2 billion as of June 30, 1998.