Wells Fargo Speeding Up Payments - Card Issuers News

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Credit Card Applications » News » Card Issuers » Wells Fargo Speeding Up Payments

Wells Fargo Speeding Up Payments

Wells Fargo Speeding Up Payments
January
5

MasterCard and Wells Fargo & Co. have joined forces, so that now MasterCard Send is fueling payments for Wells Fargo Treasury Management and Wells Fargo Merchant Services customers. With MasterCard Send people will be able to get their domestic payments faster, while security is kept on high via the network.

For Wells Fargo this partnership is seen as a way to give customers a quicker safer way to make and get payments. “Moving money is one of a treasurer’s primary responsibilities, and it’s our job as their bank to help them fulfill that responsibility, quickly and safely,” said Keith Theisen, executive vice president and head of product management for Wells Fargo’s Treasury Management Group. “We’re excited to present our customers with MasterCard Send, a product that was designed with and for our customers.”

How it works

They have set up an application programming interface (API) connecting the MasterCard Send platform to Wells Fargo. This connection in turn lets merchants, governments, nonprofits, businesses, and financial institutions, as well as other senders, transmit money to small businesses and consumers.

This mechanism digitizes payments, ones that usually would be paid in either cash or check, so money can be sent and received faster and securely, while upping customer convenience levels.

Real time payments

Vital funds, like rebates, e-marketplace payouts, Insurance claims, social benefits, shared economy payouts, and tax refunds all go out in real time, giving people and businesses access to their money faster.

Other companies and businesses have started leveraging MasterCard Send via Wells Fargo’s matrix, including Allstate Corporation’s QuickCard Pay, which sees it as an upgrade for their clients and the company. “Allstate continues to innovate on behalf of our customers and claimants,” says Allstate’s Chief Claims Officer Glenn Shapiro. “QuickCard Pay gives claimants an immediate and secure payment method and helps us deliver on our promise of a fast, fair, and compassionate claims experience.”

Wells Fargo & Company was founded in 1852, and is a community-based financial services company. They currently have $1.9 trillion in assets in their coffers.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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