Wells Fargo has announced the launch of Send & Receive Money, a new service that simplifies Wells Fargo customers’ payments to other Wells Fargo and Bank of America customers through online and mobile banking using an email address or mobile phone number.
“Customers want options and convenience,” said Brett Pitts, senior vice president at Wells Fargo’s Internet Services Group. “With Send & Receive Money customers can send payments electronically to others without having to know their sensitive financial information, such as bank account numbers. As mobile money transfer becomes more common, remembering multiple account numbers will be harder. Send & Receive Money allows customers to pay another person using information they typically either know or have programmed on their phone.”
Video overview is here. Wells Fargo is the first bank to roll out nationally the clearXchange service for person-to-person payments.