Wells Fargo & Company has unveiled plans to launch a new payment option within its existing Payment Manager service to enable its commercial, corporate, and institutional customers speed up their B2P (business-to-person) electronic payments.

The service, dubbed Payment Manager B2P, will enable businesses to pay any consumer who has a US bank account without collecting or storing sensitive bank account information.

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The service – expected to roll out in early 2017 – only requires the customers’ email address or mobile phone number and any accompanying remittance details to conduct a transaction, the company said.

Keith Theisen, executive vice president and product management director for the Wells Fargo Treasury Management Group, said: "We’re excited to bring our business customers a new product that will help them improve payment timing, maximise staff efficiency, and boost payee satisfaction."

Wells Fargo Payment Manager can be used to send B2P payments through Early Warning’s clearXchange network, and manage traditional disbursements, all in a single interface.

The bank added that businesses will be able to approve payments and transmit payment instructions for checks, Automated Clearing House (ACH) transactions, wires, commercial card, and B2P payments in one electronic file.

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The service will also allow businesses to pay individuals in the individual’s preferred method.

"As our world becomes more digital, we continue to evaluate and invest in new, innovative technologies that prioritise our customers’ experience and security," Theisen added.