Wells Fargo has launched a new virtual card payments service to help business customers digitally pay invoices using one-time virtual card numbers.
Dubbed WellsOne Virtual Card Payments, the new service is available to all customers of its WellsOne Commercial Card.
The customers can initiate the service by electronically sending payment instructions from their enterprise resource planning system.
Those to be paid by card will be routed to the WellsOne Virtual Card Payments service, where each card payment is assigned a virtual number linked to a commercial card account.
This virtual number can be used only once and for the exact dollar amount issued. It will be sent through a digital secure channel to the supplier for payment processing.
The customers can send virtual card payments directly to their suppliers’ banks using Wells Fargo’s automated, straight-through processing option. This process is said to bypass the necessity for any manual entry or interaction with suppliers.
WellsOne Virtual Card Payments is touted by Wells Fargo as a ‘convenient way to make business payments’ with the security and control of a credit card.
In addition, it is claimed to provide the suppliers with options to help receive payments faster.
Wells Fargo senior vice president and manager of the Commercial Card product suite Mary Mazzochi said: “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.
“Unlike paper checks, our virtual card service provides more transparent, precise payment timing to help optimise working capital, and added controls like single-use numbers help further mitigate the risk of fraud.”
Meanwhile, it was reported recently that Wells Fargo is looking to sell its private-label credit cards business as part of its broader restructuring strategy to save costs.