Wells Fargo Bypasses Federal Reserve for Cheque Clearing with Fiserv
Wells Fargo has increased its volume of electronic payments with other financial institutions by clearing cheques through image exchange with Fiserv Solutions. Under the agreement, the Fiserv Clearing Network (FCN) – a nationwide clearing service – sends deposited cheque images and data to Wells Fargo for least-cost routing through image exchange with settlement through Viewpointe, a provider of cheque image exchange and archive services. In addition, the agreement allows Wells Fargo to send cheque images for clearing to Fiserv Clearing Network member banks, bypassing the more expensive clearing through the Federal Reserve.
Tom Warsop, Fiserv group president for financial institutions, said the pact with Wells Fargo will provide some significant advantages to Fiserv Clearing Network clients. “We have worked hard since founding the Fiserv Clearing Network to create an exchange utility that leverages the scale of our cheque processing operations and enables our clients to gain unique benefits as the industry moves forward with cheque electronification,” Warsop said. “This agreement with Wells Fargo is a major move toward the fulfillment of that strategy.”