Wells Fargo takes commercial card portfolio to Europe
01 May 2014 | 1568 views | 0
Source: Wells Fargo
Responding to the needs of its growing multinational customer base, Wells Fargo & Company (WFC) announced today it has expanded its commercial card portfolio to Europe by offering the European Commercial Card, where commercial card transactions in pound sterling or euros will now be easier to process, track, and report.
Supported by MasterCard, one of Wells Fargo's longtime credit card partners in the United States, the Wells Fargo European Commercial Card can be used in 37 million outlets worldwide.
"Our middle market and large corporate customers are increasingly conducting business globally. The European Commercial Card solution is designed to streamline our customers' purchasing process in pound sterling or euro, whether it's for small purchases, travel and entertainment, or large expenditures," said Mary Mazzochi, senior vice president and manager of the Commercial Card product suite at Wells Fargo. "The European Commercial Card product launch follows successful introductions in the United States and Canada and rounds out our international program offering based on our customers' needs."
The European Commercial Card solution balances enhanced controls and local, regional, and global management oversight with international traveler convenience through a global card expense reporting tool via Wells Fargo's Commercial Electronic Office® (CEO®) portal. This tool permits company financial officers and their employees the ability to monitor commercial card transactions, such as travel expenditures (e.g. airfare, hotel, rail), use data for local, regional or global strategic sourcing opportunities, and maintain visibility over expenses. The European Commercial Card is supported by 24/7 multilanguage customer service.
In a related announcement, Wells Fargo said all new USD WellsOne® Commercial Cards will be embedded with microprocessor chips defined by E.M.V. (Europay, MasterCard, and Visa) standards. In addition, Wells Fargo has begun migrating all of its existing cardholders over in advance of the October 2015 deadline in the United States. While still retaining a magnetic stripe to facilitate general acceptance as the U.S. market progresses, these E.M.V.-enabled WellsOne Commercial Cards provide cardholders added security and protection when shopping with merchants that employ E.M.V. payment systems, as well as enable easier acceptance in other regions of the world. This chip technology is already widely adopted across Europe, Canada, and several Asian countries.