Digital Transactions is reporting that Pariter Solutions is being shut down.

Three years after introducing a joint venture aimed at processing ACH transactions between the two banks, Wells Fargo & Co. and Bank of America Corp. have abandoned the operation, which they called Pariter. “It will shut down over the next few weeks,” a Wells spokesperson tells Digital Transactions News. “It will take a few weeks to figure out what the specific impacts are.”

The original announcement trumpeting the launch of joint venture is still available.

Glenbrook’s Carol Coye Benson recently interviewed Stephanie Sturgis-Griffin, the newly named CEO of Pariter Solutions, the Wells Fargo and Bank of America joint venture for ACH processing announced in May. According to the announcement press release, Pariter will be “the country’s largest processor of ACH payments." READ MORE »

Wells Fargo and Bank of America have announced the formation of a joint venture to operate a single, combined automated clearinghouse (ACH) platform for both companies and their clients. The new entity, called Pariter Solutions LLC, will be the country's largest processor of ACH payments. READ MORE »