Responding to the needs of its growing multinational customer base, Wells
Fargo & Company (NYSE: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.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.5 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 9,000 locations, 12,500 ATMs, and the internet
(wellsfargo.com), and has offices in 36 countries to support customers
who conduct business in the global economy. With more than 265,000 team
members, Wells Fargo serves one in three households in the United
States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013
rankings of America’s largest corporations. Wells Fargo’s vision is to
satisfy all our customers’ financial needs and help them succeed
financially. Wells Fargo perspectives and stories are also available at blogs.wellsfargo.com
and at wellsfargo.com/stories.
Copyright Business Wire 2014