Wells Fargo & Company ( WFC Quick Quote WFC - Free Report) recently introduced a new virtual payment system to ensure smooth transactions for its corporate customers, as due to the pandemic demand for online payment modes has increased drastically.
The new process will allow clients to digitally pay invoices through the WellsOne Virtual Card Payments service. The service will be available to WellsOne Commercial Card customers.
Customers will be required to send payment instructions electronically from their enterprise resource planning system. The system will then generate a one-time virtual number tied to a commercial card account for every card payment to be made. Finally, the specified payment amount will be transferred through a digital secure channel to the supplier for payment processing.
Along with this, the Wall Street biggie provides an automated, straight-through processing option, under which its clients can send virtual card payments directly to their suppliers’ banks. It is expected to speed up the payments process by allowing customers to control payment timing and not make them dependent on suppliers to process the payments.
Mary Mazzochi, senior vice president and manager of the Commercial Card product suite at Wells Fargo said, “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.”
Other features provided by the WellsOne Virtual Card Payments service include enhanced reporting, which identifies exceptions, monitors credit balances and flags items that require repair. Also, it offers a robust audit trail, expanded search options along with access to 24 months of reporting data.
The stock has gained 6.7% in the past six months compared with 21.2% growth for the
Currently, Wells Fargo carries a Zacks Rank #3 (Hold). You can see
. the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here Key Picks
Some better-ranked stocks in the finance space are
Fifth Third Bancorp ( FITB Quick Quote FITB - Free Report) , First Financial Bankshares, Inc. ( FFIN Quick Quote FFIN - Free Report) and Guaranty Bancshares Inc. ( GNTY Quick Quote GNTY - Free Report) . All these stocks flaunt a Zacks Rank #1 at present.
The Zacks Consensus Estimate for Fifth Third has been raised 16.6% for the current year in the past 30 days. The company’s share price has gained 46.2% in the past six months.
First Financial has witnessed 3% upward revision in earnings estimates for current year in the past 30 days. Its share price has risen 21% in the past six months.
Guaranty’s shares have gained 18.9% in six months’ time. Its earnings estimates for current year have moved up 8.5% in the past 30 days.
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