Mastercard and Wells Fargo Make Sending and Receiving Money Faster, Easier, and More Secure
December 06 2016 - 09:00AM
Business Wire
Mastercard Send Delivers Real-Time Payments for
Wells Fargo Treasury Management Customers
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.”
About Mastercard
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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version on businesswire.com: http://www.businesswire.com/news/home/20161206005518/en/
MediaFor Mastercard:Sarah Ely,
914-249-6714Sarah.Ely@mastercard.comorFor Wells Fargo:Angenette
Lau, 415-396-9904Angenette.m.lau@wellsfargo.com@AngenetteLauWF
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