MasterCard has partnered with Wells Fargo & Co to offer real-time payments to Wells Fargo’s consumers.
As part of the collaboration, MasterCard’s payments service known as MasterCard Send will provide real-time payments for Wells Fargo Treasury Management and Wells Fargo Merchant Services customers.
MasterCard said that businesses, merchants, governments, nonprofits, financial institutions, and other senders can send money to consumers and small businesses through an application programming interface (API) connection to the MasterCard Send platform.
Wells Fargo executive vice president and head of product management for treasury management group Keith Theisen said: “Moving money is one of a treasurer’s primary responsibilities, and it’s our job as their bank to help them fulfil that responsibility, quickly and safely.
“We’re excited to present our customers with MasterCard Send, a product that was designed with and for our customers.”
MasterCard senior vice president of digital payments and labs Matt Barr said: “In today’s digital world, consumers have come to expect payments and disbursements to be made in real-time.
“MasterCard Send addresses this by enabling businesses, governments, and others to send money instantly and securely, through a robust platform that joins all US debit card accounts with one connection.”