transactions processing

Wells Fargo and Bank of America announced the shutdown of their joint venture launched three years ago to process automated clearing house transactions between the two banks. The two companies stated that they abandon the operation, which they called Pariter.

“It will shut down over the next few weeks,” a Wells spokesperson tells Digital Transactions News. “It will take a few weeks to figure out what the specific impacts are.”

“It was a mutual decision, amicable,” says the Wells spokesperson.