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Wells Fargo

Welcome to the News View for "Wells Fargo".

Here, on these archive pages, you'll find all of the articles on Payments News for Wells Fargo listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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April 13, 2014

Headline News from PaymentsNews.com - April 14, 2014

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April 01, 2014

Headline News from PaymentsNews.com - April 1, 2014

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March 27, 2014

Headline News from PaymentsNews.com - March 27, 2014

On the Web:

  • Putin warns West against curbing use of payment systems in Russia - Reuters - "President Vladimir Putin warned the West on Thursday that curbing Russians' use of payment systems based in the United States and Europe would backfire..."
  • Google’s brilliant plan to get millions to adopt its e-money system: Gmail - "While the service has been available since last summer to anyone who had a Google Wallet account or had already been sent money via Gmail, Google now seems to be starting to push it out to the broader public."
  • The Fierce Battle for the Soul of Bitcoin - Wired - "Meanwhile, some of the new entrants to the bitcoin universe—venture capitalists and entrepreneurs—have a much different vision. They see bitcoin as something more practical: a hyperefficient online transaction system like Visa, but cheaper, faster, and more flexible."
  • Wal-Mart sues Visa over interchange fees - City Wire - "The suit claims that Visa raised interchange fees by 234% between 1998 to 2006. The complaint also alleges Visa’s anticompetitive conduct generated more than $350 billion in interchange fees for the colluding issuers during the damages period ..."
  • Target, Visa Say Fraud Limited in Wake of Data Breach - Wall St. Journal - "Target Corp. said it has seen relatively little fraudulent activity on its cards following a massive data breach over the holidays..."
  • Despite Challenges, Bitcoin Technology is Here to Stay - CoinDesk - "Governments must beware of being too heavy-handed with bitcoin, he said. If not, they run the risk not only of pushing bitcoin activity into other countries, but also giving rise to more secretive technologies."

On the Wires:

  • TSYS Signs Payments Agreement with Virgin Money - Kelley Knutson, executive vice president of TSYS’ International Services segment, said, "We will help to ensure Virgin Money’s efforts to grow their cards business are successful by combining our experience in international markets with the strength of the Virgin brand."
  • Businesses Deposit $1 Billion Through Wells Fargo Mobile App - "Wells Fargo & Company – the first major U.S. bank to offer mobile services for corporate and commercial customers – today said that businesses have made more than $1 billion in mobile deposits through its CEO Mobile® Deposit service."
  • VeriFone Welcomes New Member to Board of Directors - "VeriFone Systems, Inc. today announced that Richard A. McGinn will leave the board and be replaced by long-time retail and consumer financial services veteran Jane J. Thompson, effective immediately."

Updates from Glenbrook:

February 05, 2014

Isis Launches Promotion for Wells Fargo Credit Cardholders

Isis logo 140x60pxIsis has launched a promotion offering Wells Fargo credit card holders "the potential for 20 percent back and a $20 statement credit the first time they tap to pay using the Isis Mobile Wallet® at hundreds of thousands of retail locations nationwide."

Now through April 30, 2014, consumers using a participating Wells Fargo credit card in the Isis Mobile Wallet will receive a $20 credit applied to their statement the first time they tap to pay, along with an additional 20 percent back in statement credits on all tap and pay purchases, up to $100 in statement credits per calendar month.

The 20/20 promotion rewards consumers every time they tap to pay using a participating Wells Fargo credit card at any retail location that accepts contactless payments,” said Ryan Hughes, senior vice president, banking and business development, Isis.

“Our work with Wells Fargo is an example of two brands coming together to offer consumers a new, secure and exciting way to pay.”

In December, Wells Fargo and Isis announced the first phase of an agreement that allows Wells Fargo Visa consumer credit card holders to load their cards into the Isis Mobile Wallet. For a complete description of promotional rules and conditions, visit: www.wellsfargo.com/isis.

January 23, 2014

Headline News from PaymentsNews.com - January 23, 2014

Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

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January 21, 2014

Headline News from PaymentsNews.com - January 21, 2014

Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

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January 14, 2014

Headline News from PaymentsNews.com - January 14, 2014

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Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

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December 20, 2013

Headline News from PaymentsNews.com - December 20, 2013

Webinar: Managing Cardholder Data Security Risks in an Evolving Payments Landscape - Be sure to join Glenbrook's Bryan Derman, BakerHoestetler's Craig Hoffman and Mandiant's Marshall Heilman for this webinar on January 15 from 2-3:30 PM Eastern time. Registration is now open.

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December 16, 2013

Headline News from PaymentsNews.com - December 16, 2013

In addition to tracking the daily news of the payments world here on PaymentsNews.com, we can also provide you and your organization with monthly and quarterly market scans - contact me to learn more about this unique service customized to your special needs.

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December 12, 2013

Wells Fargo Announces Agreement with Isis for Mobile Wallets

Wells fargo logo 140pxWells Fargo and Isis have announced the first phase of an agreement that allows Wells Fargo Visa consumer credit card holders to load their cards into the Isis Mobile Wallet®. This companies say that the launch enables cardholders to securely pay, redeem coupons and present loyalty credentials, all with the tap of their phone.

“We are committed to helping our customers succeed financially. Helping them make payments when, where and how they want is part of that promise,” said Peter Ho, manager of digital payments for Wells Fargo’s Consumer Financial Services group.

“Our customers lead mobile lives and their ability to pay for things should reflect that fact. During this pilot phase with Isis, we will test and learn with customers who want to be on the leading edge of this technology.”

Customers with one of the more than 50 Isis Ready® smartphones available from AT&T, T-Mobile or Verizon Wireless can receive an enhanced SIM card from their wireless carrier and download the Isis Mobile Wallet for free from Google Play. Customers who visit their carrier’s retail store to activate the Isis Mobile Wallet will receive hands-on support and education from store associates. Cardholders can use the Isis Mobile Wallet at any of the hundreds of thousands of merchant locations nationwide that accept contactless payments. Customers can explore local merchants at www.paywithisis.com/where.html.

First Data Corporation will serve as Wells Fargo’s Trusted Service Manager to deliver card information safely and securely onto the mobile device.

December 10, 2013

Headline News from PaymentsNews.com - December 10, 2013

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December 02, 2013

Wells Fargo Adds Contact and Contactless Chips to Visa Credit Cards - On Request

Wells fargo logo 140pxWells Fargo has announced that its Visa credit card customers can now request a card with chip-based technology by calling the service number listed on the back of their existing credit card.

The bank said that "if a new card is requested, it will be equipped with chip-based technology, Visa payWave, and a magnetic stripe. That means cardholders can use it at any kind of terminal they encounter in their worldwide travels and when shopping. This technology provides an extra layer of security for both contactless and contact transactions by including dynamic elements designed to make each transaction unique."

As chip cards are become increasingly popular overseas, we want to make sure our customers have the ability to order a card from us that is designed to work wherever they go in the world,” said Peter Ho, manager of digital payments for Wells Fargo’s Consumer Financial Services group.
In 2011, Wells Fargo was the first to announce, in partnership with Visa, a chip card pilot program in the U.S. The pilot included 15,000 customers who travelled internationally. Based on the success of that pilot, in 2012 the company launched its By Invitation® Visa Signature® chip-enhanced credit card. The card, available to clients of Wells Fargo Advisors and The Private Bank, automatically gave customers a chip card when obtaining credit for the first time or when their existing card expired.

Update: The Members Group contacted PaymentsNews to note that it was the first in the US to issue a Visa EMV card in 2010 with its client, the United Nations Federal Credit Union.

November 21, 2013

Headline News from PaymentsNews.com - November 21, 2013

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October 18, 2013

Headline News from PaymentsNews.com - October 18, 2013

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Updates from Glenbrook:

  • Looking for consulting help from Glenbrook? Let us know your needs here - and we'll get right back to you!
  • Join us for our Glenbrook Payments Boot Camp on October 23rd/24th in New York City!
  • Glenbrook's Elizabeth McQuerry will be speaking at this year's NACHA Global Payments Forum on October 17-18 in New York City. She'll be speaking on the topic "Mobile Payments, Interoperability & Faster Funds Transfer". Elizabeth will also be speaking on New Payments Regulation in Brazil at the International Money Transmitter Conference in Miami 4-7, 2013.
  • Glenbrook's Carol Coye Benson will be speaking at this year's American Bankers Association Annual Convention on October 20-22 in New Orleans. She'll be participating in a panel discussion on The Future of the Payments Industry.
  • Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews

October 14, 2013

Headline News from PaymentsNews.com - October 13, 2013

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On the web:

  • Venmo's Social, Increasingly Hilarious Payments Community - Fast Company - "The shared payment notes give insight into what your friends are up to; they're also often amusing to read."
  • Xerox Glitch Halts Food-Stamp Use - Wall St. Journal - "Shoppers in 17 states were unable to use food stamps and other government aid through debit-style electronic benefits cards for more than 10 hours on Saturday..."
  • Why did we create Wisely? - Wisely Blog - "At Wisely, we’re building the most credible search engine for the physical world, powered by payment data. Why is it the most credible? Because, Wisely brings transparency to how people spend money."
  • Mobile Payments - Two Major Systems Set To Go In The US - Forbes - "Merchants want a system that is secure, won’t steal their data, provides a good marketing platform and the lowest possible cost for transaction. Consumers want something that is secure and simple to use."
  • Not Ready to Adopt Mobile Payments? You're Not Alone - BusinessNewsDaily - "The technology to accept payments via mobile devices is ripe and ready, but a recent industry study shows that it will take at least two more years for mobile payments to truly become mainstream."
  • The Rise of PayPal as a Major Payments Player - Bank Marketing Strategy - "While some of the 'innovation' at PayPal may not seem new or disruptive (such as the use of QR codes), the ability to quickly build scale by using the existing payments infrastructure may be the key to PayPal's success."
  • Small Business Success with PayPal: ChinaTour.Net - PayPal Forward Blog - "...PayPal has helped the ChinaTour.Net online air ticket business avoid an 85% risk of malicious fraud..."
  • Stuck in a Dispute Between PayPal and Itself - New York Times (David Segal) - "If PayPal isn’t the most reviled online company in the country, which is?"
  • Mint Wireless to launch local version of US payments start-up Square - Financial Review (Australia) - "But where Square has built its own user base by selling direct to businesses, Mr Teoh told The Australian Financial Review that Australia’s heavy regulations and existing market structure required them to work through the banks and telcos."
  • Divide and Conquer: Commerce Battlefield - FinVentures (Tom Noyes) - "Banks are NOT the center of commerce, just as my ISP or MNO is not the reason I shop at Amazon."
  • Unbreakable encryption comes to the U.S. - CNNMoney - "As revelations about the depth and breadth of the NSA's digital eavesdropping program continue to come to light, Ohio-based Battelle Memorial Institute is rolling out a new kind of network encryption designed to be virtually un-hackable -- not only now, but in the future."
  • Leading Economist Predicts a Bitcoin Backlash - Mashable - "Simon Johnson, a professor of entrepreneurship at MIT’s Sloan School of Management, expects Bitcoin to face political pressure and aggressive lobbying from big banks because of its disruptive nature."
  • Privacy and fraud dominate discussion at LA bitcoin event - CoinDesk - "All in all, the event signified the fact that bitcoin is growing and that LA area technology enthusiasts are ready to do business with BTC."

On the wires:

Updates from Glenbrook:

September 10, 2013

clearXchange Names Michael Kennedy Chief Executive Officer

ClearXchange logo 140pxclearXchange, the joint venture of Bank of America, Wells Fargo and JPMorgan Chase, has announced the naming of Michael Kennedy as chief executive officer.

Kennedy co-founded and served as chairman of clearXchange while working as executive vice president and head of Innovation and Payments Strategy for Wells Fargo Bank. clearXchange says that Kennedy will now devote 100 percent of his time to leading clearXchange and will be based in San Francisco.

August 07, 2013

Headline News from PaymentsNews.com - August 7, 2013

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August 06, 2013

Wells Fargo and American Express Announce Credit Card Issuing Partnership

Amex logo 140pxWells fargo logo 140pxWells Fargo and American Express have announced a new credit card issuing partnership - calling it "a new chapter of partnership that will see Wells Fargo issuing new credit cards accepted on the American Express network." Wells Fargo said it will make the cards available in the marketplace nationwide by mid-2014. Financial terms of the agreement were not disclosed.

“We are delivering on our strategy to expand our credit card business,” said John Stumpf, Chairman and CEO of Wells Fargo. “Our goal is to offer Wells Fargo customers a suite of cards that help them meet their financial goals. We’re proud to have American Express as a partner in this effort – a great company with a proven brand for customer service.”
Avid Modjtabai, head of Wells Fargo’s Consumer Lending Group, added,
“We want to give the customers who already carry our card – and the ones who don’t yet – greater rewards and benefits for having a Wells Fargo card in their wallets. The breadth of our offerings, our strong retail network and the power of this new partnership with American Express position us well to continue to deliver compelling choices and experiences to our customers.”
Wells Fargo customers will be able to apply for the cards through mail, online, phone and 6,000 retail store locations. Wells Fargo will conduct a pilot program for customers in select U.S. markets starting in the third quarter of 2013, with a full scale launch in the first half of 2014. The new cards will be accepted on the American Express global merchant network.
“Given the fact that two of our founders were Henry Wells and William Fargo, this partnership is especially significant to all of us at American Express,” said Kenneth I. Chenault, Chairman and CEO of American Express. “Wells Fargo is an outstanding addition to our global network of card-issuing partners. We look forward to starting a new journey with them and to delivering premium value and service to Wells Fargo’s customers.”

“Wells Fargo is one of the most respected financial institutions in the U.S., and we are delighted to bring the power of our brands together to offer Wells Fargo’s customers an exciting new suite of high-value products that will provide rich rewards and benefits together with remarkable customer service,” said William Stredwick, senior vice president, Global Network Partnerships, North America, American Express. “In doing so, we can support Wells Fargo’s efforts to grow their credit card business and further extend the benefits of the American Express network.”

As part of the card-issuing partnership, American Express said it is providing its Partner Advantage capabilities and services to support Wells Fargo in developing a suite of products that will offer a superior set of experiences, exclusive benefits and customized offers from the American Express network, both online and offline. Separately, LoyaltyEdge from American Express will assist in the design of a new Wells Fargo loyalty program by offering a broad range of merchandise and gift cards that Wells Fargo’s consumer credit customers will be able to redeem with their points.

July 29, 2013

Headline News from PaymentsNews.com - July 29, 2013

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July 18, 2013

Headline News from PaymentsNews.com - July 18, 2013

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June 20, 2013

Headline News from PaymentsNews.com - June 20, 2013

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Upcoming from Glenbrook:

  • Summer Camp! - A special summer session of our popular Payments Boot Camp - in Half Moon Bay on August 6th and 7th... Also, an optional half day course on Data In Payments - August 8th, also in Half Moon Bay. Join Carol, Scott and Russ for lively, interactive sessions - register now!
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May 29, 2013

Headline News - May 29, 2013

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May 22, 2013

Headline News - May 22, 2013

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Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated.

May 15, 2013

Headline News - May 15, 2013

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Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated.

May 08, 2013

Headline News - May 8, 2013

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Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated.

April 10, 2013

NACHA Announces 2012 ACH Annual Volume Statistics

NACHA logo 140pxNACHA — The Electronic Payments Association has published its annual summary of the largest originators and receivers of ACH payments in 2012. Wells Fargo was the #1 originator in 2012 while Bank of America was the #1 receiver.

Total ACH payment volume grew to over 21 billion transactions in 2012, up 4.19 percent over 2011 representing a total of $36.9 trillion, an increase of 8.76 percent. That rate equates to over 660 ACH transactions per second over the full year with an average ACH ticket size of about $1760 per transaction.

Native electronic payments — those payments which start as an electronic payment (i.e., non-check conversion applications) — increased 6.38 percent over 2011. These payments now make up 85 percent of total ACH Network volume. Conversely, check initiated transactions decreased by 6.75 percent.

“This data clearly shows that consumers and businesses choose electronic payment options over paper checks,” said Janet O. Estep, president and CEO of NACHA. “Direct Deposits and Direct Payments via ACH provide the convenience, control, and flexibility that end users want. As end user needs evolve, the ACH Network will continue to enable the innovation necessary to meet the changing needs of ACH Network participants.”

May 24, 2012

Wells Fargo Launches Simplified P2P Money Transfer Service Nationwide

Wells fargo logo 140pxWells 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.

February 01, 2012

Brand Finance Releases Bank Brand Rankings

Hsbc logo 140x60pxBrand Finance, in conjunction with The Banker, has announced the results of its latest study of the financial value of various banking brands around the world. From this year's report:

  • HSBC, the only British bank among the ten most valuable banking brands, knocks Bank of America off the top spot in the Brand Finance Banking 500.

  • Wells Fargo is the most valuable banking brand in the U.S. market, and the second most valuable worldwide.

  • Chinese banks performed strongly with China Construction Bank, ICBC, Bank of China and the Agricultural Bank of China maintaining a successful streak for Chinese banking as they secure spots in the Top 20.

  • There are now more banks from the BRICs (Brazil, Russia, India and China) in the top 20 banking brands than there are from Europe.
Each bank is accorded a brand rating (a benchmarking study of the strength, risk and future potential of a brand relative to its competitor set), as well as a brand value (a summary measure of the financial strength of the brand.)

October 20, 2011

September 19, 2011

Fiserv and Wells Fargo to Deliver Integrated Foreign Currency Exchange

Fiserv logo 60pxhFiserv and Wells Fargo have announced they are "delivering advanced foreign currency exchange capabilities through WireXchange from Fiserv, a flexible automated solution for completing end-to-end wire transfers."

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