US bank Wells Fargo is restructuring its recently formed Payments, Virtual Solutions and Innovation Group to help it focus on developing emerging technologies such as artificial intelligence (AI).

The move will help increase connectivity for the organisation’s payments projects, accelerate opportunities with AI, and advance application programming interfaces (APIs) for corporate banking customers.

The new investments in each area will also help the FI produce new digital banking experiences for customers, making it easier for them to achieve financial goals, Wells Fargo said.

The new shakeup to the payments department will see Danny Peltz, head of treasury, merchant and payment solutions at the bank, lead the team to maximise opportunities across market segments, including business development and relationships across the payments industry.

Well Fargo is also looking to accelerate opportunities and shape future services for customers with AI through its new artificial enterprise solutions team, led by Steve Ellis, head of Wells Fargo’s innovation group.

The bank’s API technology allows commercial and corporate banking customers to integrate Wells Fargo products, services and information into their own digital environments. The bank’s gateway team began piloting new API-based services with corporate customers earlier this year, and will continue to develop new strategies in the coming months.

Avid Modjtabai, head of payments, virtual solutions and innovation at Wells Fargo, commented: “Customers want new types of services that make banking and managing finances convenient and easy – without disrupting their ability to interact with us how and when they desire.

“Since the announcement of our Payments, Virtual Solutions and Innovation Group in October, our goal has been to redefine the next generation of capabilities and offerings, and to prioritise research and development that elevates the customer experience.”

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