Wells Fargo issued the following announcement on Nov. 21.
Wells Fargo announced today a new solution to help business customers eliminate paper checks by using one-time virtual card numbers to digitally pay invoices through the WellsOne® Virtual Card Payments service.
Available to WellsOne Commercial Card customers, this service offers a convenient way to make business payments with the security and control of a credit card, while providing suppliers with options to help receive payments faster. As businesses continue to extend remote work plans due to the pandemic, these digital benefits have become increasingly central to maintaining payment operations to help keep funds flowing between trading partners.
“It’s important we continue to introduce simple ways to help our customers transition to new digital payment strategies by using products and channels they are already familiar with,” said Mary Mazzochi, senior vice president and manager of the Commercial Card product suite at Wells Fargo. “Unlike paper checks, our virtual card service provides more transparent, precise payment timing to help optimize working capital, and added controls like single-use numbers help further mitigate the risk of fraud.”
To initiate, customers electronically send payment instructions from their enterprise resource planning system. Those to be paid by card are routed to the WellsOne Virtual Card Payments service, where each card payment is assigned a virtual number tied to a commercial card account. The virtual number, which can be used only once and for the exact dollar amount issued, is then sent through a digital secure channel to the supplier for payment processing.
Wells Fargo also offers an automated, straight-through processing option, in which customers send virtual card payments directly to their suppliers’ banks. This process bypasses the need for any manual entry or interaction with suppliers, and gives customers control over payment timing as they are not dependent on suppliers to process the payments.
The WellsOne Virtual Card Payments service helps make it easier to track, reconcile, and remit payments. Its intuitive dashboard with responsive design quickly surfaces items needing action while enhanced reporting identifies exceptions, monitors credit balances, and flags items that require repair. Other features include a robust audit trail, expanded search options, and access to 24 months of reporting data. Additionally, the WellsOne Commercial Card Supplier Analysis and Onboarding service helps customers engage suppliers and determine the best accounts to pay by card.
The WellsOne Commercial Card is a purchasing tool used by businesses of all sizes for procurement, travel and entertainment, account payable invoices, and transportation expenses.
Original source can be found here.
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