Wells Fargo Digital Cash will allow the bank to complete internal book transfers of cross-border payments and for those international locations to exchange that digitised cash among themselves.
This move will enable the exchange of funds in expanded operating hours without limitations from traditional posting infrastructure or differences in infrastructure across the network. And, the final settlement can materialize without the involvement of third parties, reducing transfer time and costs.
USD transfers will be part of the pilot, with a goal to expand to multi-currency transfers and the entire branch network.
Wells Fargo Digital Cash will help Wells Fargo achieve near real-time money movement without impact to the underlying account, transaction postings or reconcilement infrastructure with international transactions.
