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Combines Volume, Technology to Increase Speed and Investment in Innovation

    SAN FRANCISCO and CHARLOTTE, N.C., May 15 /PRNewswire-FirstCall/ --
 Wells Fargo & Company (NYSE:   WFC) and Bank of America (NYSE:   BAC) today
 announced the formation of a joint venture to operate a single, combined
 automated clearinghouse (ACH) platform for both companies and their
 clients. The new entity, called Pariter Solutions LLC, will be the
 country's largest processor of ACH payments. Financial terms were not
 disclosed.
 
     Through joint venture, the two companies will combine their strengths
 in advanced processing technology and high payment volumes to create a
 single, more efficient platform. It will also facilitate greater investment
 in innovation to deliver added value to clients through increased speed,
 broader product capability and capacity for higher volumes of cross-border
 payments.
 
     An ACH payment is a mechanism for electronic funds transfers such as
 direct deposit, direct payment, business-to-business payments, e-checks,
 e-commerce payments and tax payments. Annual electronic payment volume
 doubles every five years, according to NACHA, the Electronic Payments
 Association. In 2007, nearly 14 billion ACH payments were made.
 
     Ownership of Pariter Solutions will initially reside with the founding
 partners, Wells Fargo and Bank of America. Stephanie Sturgis-Griffin, a
 senior vice president at Wells Fargo, will be CEO of Pariter Solutions.
 Walter Taylor, a senior vice president at Bank of America, will be chief
 operating officer. The company's board will consist of the CEO and one
 executive representative from Wells Fargo and one from Bank of America.
 Payment processing operations are expected to begin in late 2009.
 
     "Pariter Solutions is committed to finding innovative ways to deliver
 core business services," said Sturgis-Griffin. "This new shared services
 provider will deliver high quality and enhanced payment processing
 capabilities that reflect significant efficiencies of scale. It is an
 important step toward payment convergence and efficiency in the industry."
 
     Bank of America and Wells Fargo top the ACH payments rankings,
 according to NACHA. Bank of America is first for receiving payments, and
 Wells Fargo is second. They rank second and third, respectively, for
 originations.
 
     "Pariter Solutions breaks down traditional, proprietary processing
 models," Sturgis-Griffin said. "Collaborating on market-leading payment
 capabilities and product solutions is the right thing to do for our
 shareholders and customers."
 
     Pariter (Latin: "together") will combine the payment processing
 capabilities and infrastructure of Wells Fargo and Bank of America. The
 company will have offices in San Francisco and Charlotte, North Carolina.
 
     Bank of America is one of the world's largest financial institutions,
 serving individual consumers, small and middle market businesses and large
 corporations with a full range of banking, investing, asset management and
 other financial and risk-management products and services. The company
 provides unmatched convenience in the United States, serving more than 59
 million consumer and small business relationships with more than 6,100
 retail banking offices, nearly 19,000 ATMs and award-winning online banking
 with nearly 24 million active users. Bank of America is the No. 1 overall
 Small Business Administration (SBA) lender in the United States and the No.
 1 SBA lender to minority-owned small businesses. The company serves clients
 in 175 countries and has relationships with 99 percent of the U.S. Fortune
 500 companies and 80 percent of the Fortune Global 500. Bank of America
 Corporation stock (NYSE:   BAC) is listed on the New York Stock Exchange.
 
     Wells Fargo & Company is a diversified financial services company with
 $595 billion in assets, providing banking, insurance, investments, mortgage
 and consumer finance through almost 6,000 stores and the internet
 (wellsfargo.com) across North America and internationally. Wells Fargo
 Bank, N.A. is the only bank in the U.S., and one of only two banks
 worldwide, to have the highest possible credit rating from both Moody's
 Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."
 
 
 

SOURCE Wells Fargo & Company