Wells Fargo taps Mastercard Send for real-time treasury payments

Source: Mastercard

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.Mobile Payments and Millennials

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.”

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