By Matt Grossman
Wells Fargo & Co. on Thursday said it would introduce a virtual-card service to allow commercial customers to pay invoices without checks.
Wells Fargo customers would be able to use the system to authorize payments to suppliers using one-time card numbers tied to their accounts. The virtual card numbers are only valid for a predetermined dollar amount.
The system would make it easier for companies to track payments and would hasten suppliers' receipt of funds, Wells Fargo said. Digital payments have become more important during the pandemic as companies shift to remote work, the bank added.
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(END) Dow Jones Newswires