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MarketScreener Homepage  >  Equities  >  Nyse  >  Wells Fargo & Company    WFC

WELLS FARGO & COMPANY

(WFC)
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Wells Fargo mpany : Launches WellsOne® Virtual Card Payments Service

11/19/2020 | 07:32am EST

Digital features provide business customers with enhanced security and controls

Wells Fargo announced today 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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201119005158/en/

Woman looking at computer screen who is with man sitting behind a computer desk. (Photo: Wells Fargo)

Woman looking at computer screen who is with man sitting behind a computer desk. (Photo: Wells Fargo)

Available to WellsOne Commercial Card customers, this 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. 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.

“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,” said Mary Mazzochi, senior vice president and manager of the Commercial Card product suite at Wells Fargo. “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.”

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.

Wells Fargo also offers an automated, straight-through processing option, in which customers send virtual card payments directly to their suppliers’ banks. This process bypasses the need for any manual entry or interaction with suppliers, and gives customers control over payment timing as they are not dependent on suppliers to process the payments.

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

The WellsOne Commercial Card is a purchasing tool used by businesses of all sizes for procurement, travel and entertainment, account payable invoices, and transportation expenses.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.92 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,200 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.

News Release Category: WF-PS


© Business Wire 2020
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Financials (USD)
Sales 2020 72 455 M - -
Net income 2020 1 584 M - -
Net Debt 2020 - - -
P/E ratio 2020 94,6x
Yield 2020 3,88%
Capitalization 132 B 132 B -
Capi. / Sales 2020 1,83x
Capi. / Sales 2021 1,87x
Nbr of Employees 274 900
Free-Float 75,3%
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Wells Fargo & Company Technical Analysis Chart | WFC | US9497461015 | MarketScreener
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 35,62 $
Last Close Price 32,04 $
Spread / Highest target 40,4%
Spread / Average Target 11,2%
Spread / Lowest Target -6,37%
EPS Revisions
Managers and Directors
NameTitle
Charles William Scharf President, Chief Executive Officer & Director
Charles H. Noski Chairman
Scott E. Powell Chief Operating Officer & Senior Executive VP
Michael Santomassimo Chief Financial Officer & Senior Executive VP
Saul van Beurden Senior Executive VP & Head-Technology
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