Wells Fargo, a US-based bank holding company, has launched international Automated Clearing House (ACH) credit services to India, Hong Kong and Singapore.
Wells Fargo said that the addition of these markets extends its global Automated Clearing House commitment to meet corporate customers’ needs in Asia.
The same low-cost ACH payments used for payroll and vendor payments in the U.S. could also be used to reduce cost of payments in 16 other countries.
Global ACH consists of three initiation channels: Internet ACH, direct transmission or Payment Manager service. When clients use Internet ACH service Wells Fargo does the foreign exchange calculations for them. Moreover, from NACHA-formatted files Wells Fargo converts clients’ payments to each country’s required format.
The Asia services are completely integrated into all Wells Fargo ACH origination channels. This enables customers to send ACH payments to additional countries within their existing payments workflow, according to Wells Fargo.
Judd Holroyde, head of global product management for Wells Fargo, said: Our customers – from large corporations to small businesses – increasingly are doing global business. Asia is a key region for them. Electronic ACH payments to India, Hong Kong and Singapore provide customers with significant cost savings versus wires and bring more efficiency to their payments processes.
