Mastercard Send Delivers Real-Time Payments for Wells Fargo Treasury Management Customers
PURCHASE, N.Y., and SAN FRANCISCO – December 6, 2016 – Mastercard (NYSE: MA) and Wells Fargo & Co. (NYSE: WFC) announced today that Mastercard SendTM is now speeding payments for Wells Fargo Treasury Management and Wells Fargo Merchant Services customers. Mastercard Send™ is a payments service that sends funds quickly and securely to consumers domestically.
Through an application programming interface (API) connection to the Mastercard Send platform, businesses, merchants, governments, nonprofits, financial institutions, and other senders can send money to consumers and small businesses. By digitizing payments that are typically handled via cash or check, Mastercard provides greater convenience, choice, and security to payment senders and receivers.
”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.”
Insurance claims, rebates, e-marketplace payouts, shared economy payouts to sellers, social benefits, and tax refunds can now be sent in real time, which speeds up access to vital funds. Allstate Corporation’s QuickCard Pay is among the first to leverage Mastercard Send through Wells Fargo for disbursements.
“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.”
Merchants and businesses across a wide array of industries, as well as government and other nonprofit organizations, can also take advantage of the reach, speed, and simplicity of Mastercard Send, while providing a better consumer experience.
“In today’s digital world, consumers have come to expect payments and disbursements to be made in real-time,” said Matt Barr, senior vice president, Digital Payments and Labs, Mastercard. “Mastercard Send addresses this by enabling businesses, governments, and others to send money instantly and securely, through a robust platform that joins all U.S debit card accounts with one connection.”
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
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