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Wells Fargo to embark on Web-hosting, e-payment initiatives for businesses

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San Francisco--Wells Fargo & Co. will launch an initiative to build and host transactional Web sites for its small- and mid-size business customers. The program, called "One-Stop eStore," will allow businesses to run Wells Fargo-hosted sites for as little as $45 per month. Wells Fargo is also planning an initiative to facilitate Web-based payment transactions between its business customers. The overall plan is to build up Wells' Web-based business banking initiatives so that they are more integrated with the bank's consumer Net offerings, said Scott Gable, senior VP-wholesale marketing and product management. Wells Fargo's Net business initiatives until now have been extensive, but mostly informational. Wells has the largest consumer banking Internet customer base in the world, with more than 1 million online customers. It is working with Atlanta-based e-commerce vendor First Data Corp. on the Web-hosting initiative. New York-based Citigroup recently began an initiative to build and host Web sites globally.
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