Bank of America, Wells Fargo in payment processing JV
May 15 (Reuters) - Bank of America Corp (BAC.N: Cotización) and Wells Fargo & Co (WFC.N: Cotización) said they will create a joint venture to become the largest U.S. processor of so-called automated clearinghouse payments.
The venture will be known as Pariter Solutions LLC, and be run by Stephanie Sturgis-Griffin, a senior vice president at Wells Fargo. Walter Taylor, a Bank of America senior vice president, will become Pariter's chief operating officer.
An automated clearinghouse payment is a means for electronic funds transfers such as direct deposit, business-to-business and tax payments.
Payment processing operations are expected to start in late 2009. Terms of the joint venture were not disclosed. Bank of America, based in Charlotte, North Carolina, is the second-largest U.S. bank by assets. Wells Fargo, based in San Francisco, is the nation's fifth-largest bank. (Reporting by Jonathan Stempel in Bangalore; Editing by Deepak Kannan)
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