Wells Fargo (NYSE: WFC) recently announced it has launched “WellsOne” virtual card payments Services. The launch of WellsOne comes just a little over a month after Wells Fargo launched its new payment track, which is a single status, secure, web-based solution for tracking global payments.
According to Wells Fargo, the WellsOne 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.” It is available to WellsOne Commercial Card customers.
“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.”
Speaking about the service, Mary Mazzochi, Senior Vice President and Manager of the Commercial Card Product Suite at Wells Fargo, stated:
“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.”
Wells Fargo then added that 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.”