You no longer need an account number to pay someone electronically: a mobile phone number or email address enables Wells Fargo customers to make payments leveraging clearXchangesm.
Wells Fargo & Company (NYSE:WFC) today 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. Wells Fargo customers no longer need to know their recipient’s account number at Wells Fargo or Bank of America. Wells Fargo is the first bank to roll out nationally the clearXchange service for person-to-person payments.
“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.”