B2B Payments

Wells Fargo Bolsters Mobile Expense Management Solution

As Wells Fargo looks to move past its spate of recent scandals and return to growth, the FI is building new ground with business clients.

In its latest move, Wells Fargo announced Monday (June 12) that it is enhancing its mobile expense reporting offering by launching receipt imaging, enabling business users of its commercial cards to take photos of their receipts to automate data entry.

Integrated into the Commercial Card Expense Reporting service, Wells Fargo’s  latest offering supports transaction-level data capture for the purpose of reconciliation, reimbursement, billing and other expense management needs.

“We understand our customers move in fast-paced environments and expect more from a mobile experience,” said Wells Fargo’s Commercial Card Product Management Senior Vice President Mary Mazzochi in a statement. “The new transaction-level receipt-imaging capability makes the often-cumbersome process of expense management faster and helps customers do business wherever and whenever they choose.”

The technology can attach image receipts to particular transactions made with or without their commercial cards. Using Optical Character Recognition, the solution automates data entry into the online CCRE portal, which can be viewed and accessed by managers, the FI said.

Reports last week said Wells Fargo has been in cost-cutting mode for the last few months as it looks to regain its strength following the fake account scandal that affected both consumer and small business services. Since revelations of the fake account scheme surfaced, Wells Fargo has publicly taken steps to regain customer trust, including a recent round of employee terminations and efforts to retrain staff.



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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