B of A, Wells Fargo Form Payment Processing Joint Venture
Wells Fargo and Bank of America announced a joint venture to operate a single automated clearinghouse platform for both companies and their clients. The new entity, Pariter Solutions LLC, will be the largest processor of ACH payments in the U.S., the companies said.
The idea is to offer clients added value through a single, efficient platform able to process a high volume of payments more quickly, for more products, in more countries. Annual electronic payment volume doubles every five years, according to NACHA, the Electronic Payments Association. In 2007, nearly 14 billion ACH payments were made.
Pariter Solutions will initially be owned by Wells Fargo and Bank of America. Stephanie Sturgis-Griffin, a senior vice president at Wells Fargo, will be chief executive. Walter Taylor, a senior vice president at Bank of America, will be chief operating officer. Payment processing operations are expected to begin in late 2009. The company will have offices in San Francisco and Charlotte, N.C.