Wells Fargo introduces WellsOne Virtual Card Payments Service

By Pavithra R

Wells Fargo & Company has announced the launch of 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.

The service is available to WellsOne Commercial Card customers and offers a convenient way to make business payments with enhanced security and control of a credit card while providing suppliers with options to help receive payments faster.

To initiate the service, 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 one-time usable virtual number for the exact dollar amount issued is then sent through a secure digital channel to the supplier for payment processing.

Wells Fargo also offers an automated, straight-through processing (STP) option, in which customers send virtual card payments directly to suppliers’ banks. This process bypasses the need for manual entry or interaction with suppliers and gives customers greater control over their payment timing as it removes the need for depending on suppliers to process the payments.

“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 optimize working capital, and added controls like single-use numbers help further mitigate the risk of fraud,” said Mazzochi, senior vice president and manager of the Commercial Card product suite at Wells Fargo.

The WellsOne Virtual Card Payments service makes payments easier to track, reconcile, and remit. Its intuitive dashboard with responsive design surfaces items needing action while enhanced reporting identifies exceptions, monitors credit balances, and flags items that require repair. Additional features include a robust audit trail, expanded search options, and access to 24 months of reporting data. The WellsOne Commercial Card Supplier Analysis and Onboarding service help customers engage suppliers and determine the best accounts to pay by card.

Established since 1852, San Francisco based Wells Fargo & Company is an American multinational financial services company with $1.97 trillion in assets. Wells Fargo Corporate & Investment Banking delivers a comprehensive suite of capital markets, banking, and financial products and services. Its vision is to satisfy customers’ financial needs and help them succeed financially.