Wells Fargo rolls out simplified P2P money transfer service

P2P payments by using recipient’s mobile phone number or email address

Dubbed Send & Receive Money, the new service will enable Wells Fargo customers to make payments to other Wells Fargo and Bank of America customers through online and mobile banking using an email address or mobile phone number (view press release). With this new service, customers no longer require the recipients account number to make the payments. Customers can make person-to-person payments by using their recipient’s mobile phone number or email address via clearXchange, which helps moving funds between bank customers to better meet their needs. The service is available to all customers with a checking or savings account and online banking. Customers can register for the service during an online banking session or through Wells Fargo’s mobile apps.

Brett Pitts, senior VP at Wells Fargo’s Internet Services Group says, “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.”

Related reading

Leave a comment