HONG KONG--(BUSINESS WIRE)--Wachovia, a Wells Fargo company, today introduced GlobalPay.EuroOut, a new euro payment solution designed to help financial institutions send payments outside of Europe. The new service allows European banks (including Poland), to initiate and make euro payments to a beneficiary’s account, without having to use a correspondent bank account to facilitate the process.

While most banks in the Eurozone have traditionally gone through correspondent banks to make euro payments to beneficiaries outside the Eurozone, GlobalPay.EuroOut eliminates this step, saving time and money. With this service, European banks can make payments using the same systems they use to send payments inside of Europe, including Target2 or EBA Euro1.

“As the euro continues to become a commonly used currency outside of Europe, the ability to send and receive euro payments is critical for global financial institutions,” said Craig Hevey, group head of Multicurrency Solutions in Global Payment Services. “With GlobalPay.EuroOut, we are continuing to deliver our award winning customer service and access to a worldwide network of offices while also providing an efficient, cost effective and secure way for European banks to make direct euro payments outside of Europe.”

“Euro and multicurrency solutions are one of the fastest growing services for financial institutions, with new account relationships increasing 41 percent since 2006. Euro commercial payment volumes alone averaged a 24.3 percent growth rate during the last three years,” said George Doolittle, group head of Global Payment Services.

The company introduced GlobalPay.EuroOut today at the 2009 SIBOS conference in Hong Kong.

Wells Fargo's International Group serves individuals, businesses, corporations, financial institutions, and multilaterals institutions with a full range of international solutions. With more than 35 overseas offices, Wells Fargo is ranked #2 in the world in primary bank global correspondent banking market share and is one of the largest providers of FX services in North America.

Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.

¹ Wachovia Bank, N.A. and Wells Fargo Bank, N.A. are scheduled to merge effective March 20, 2010. Until that merger, GlobalPay.EuroOut will be provided by Wachovia Bank, N.A., a Wells Fargo company.