FedEx uses several banks, but the most well-known is Wells Fargo. The company has been using Wells Fargo since the early 1990s. However, the relationship between the two companies has been increasingly tense in recent years. In 2016, FedEx announced that it would no longer use Wells Fargo for its cross-border payments. Instead, the company would use payments processor Ripple. The decision was made in response to several high-profile scandals involving Wells Fargo.
The company was fined $185 million for creating fake accounts and loans in order to meet sales goals. In addition, the bank was caught falsifying customer data. FedEx cited these scandals as reasons for switching to a different payment processor. However, the move has not been without its challenges. For example, Ripple has been struggling to gain a foothold in the marketplace.
