Wells Fargo & Co. and Bank of America Corp., are "together"

[img_assist|nid=7457|title=|desc=|link=none|align=left|width=100|height=100]Today it became known that Wells Fargo & Co. and Bank of America Corp., both  world famous, have joined their efforts to form a joint venture aimed to make automated clearinghouse payment processing for both banks and their customers.  

A new service is called Pariter Solutions LLC, which in Latin means "together". Together the companies are going to conduct electronic funds transfers, including direct deposits and payments, tax payments and online shopping payments for the banks.

The company will be lead by its newly appointed CEO Stephanie Sturgis-Griffin of Wells and Walter Taylor as a chief operation officer.

Companies are assuring that Pariter will be the country's largest processor of automated clearinghouse payments. The expected date of launching a new service is late 2009.