In a remarkable example of the country’s movement to electronic payments, Wells Fargo Home Mortgage will process nearly 88 percent of its customers’ payments electronically in the first quarter of 2004, compared with 81 percent by paper in the first quarter of 2000. In recognition of its accomplishment, Wells Fargo Home Mortgage will receive NACHA’s 2004 George Mitchell Payments System Excellence Award.
In the first quarter of 2000, Wells Fargo Home Mortgage embarked on a project designed to help customers move from paper to electronic payments. At the time, only 19 percent of consumer payments were collected electronically. By 2002, Wells Fargo was offering a full suite of electronic payments to its customers.
Source: NACHA - The Electronic Payments Association