Wells Fargo launches its virtual card payment services

Businesses have transformed themselves from manual-based work to digital payments. It has led to a rise in adoption as well as fight in this space. Traditional banks have jumped into this to dominate their position as well as provide services to existing customers.

As such, Wells Fargo has launched a new solution in a view to help businesses to eliminate paper checks with one-time virtual card numbers to pay digitally with the WellsOne Virtual Card Payments service.

This year, J.P. Morgan partnered with Marqeta to launch virtual credit cards while BNP Paribas has announced its virtual cards integration with Coupa business spend management (BSM).

According to the press release, this service would be available to WellsOne Commercial Cardholders and it provides a secure way to pay suppliers with security and also providing a facility with faster payment option.

Wells Fargo’s VP of Commercial Card 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” while further commenting that this solution would offer businesses transparency and help them optimise working capital.

To make a payment under this new offering, clients need to send payment instructions to their ERP system and those which need to be paid by card are routed to WellsOne Virtual Card Payments service.

The payment instruction is then assigned a virtual number tied to a commercial card account which is used once and sent through digital means to suppliers for payment processing.