From insurance claims to e-marketplace payouts, from shared economy payments to social benefits and even tax refunds, a new Mastercard and Wells Fargo partnership is aiming to speed up payments between domestic customers.
Mastercard Send™ is a new service through the partnership that intends to increase the rate and security that funds can be sent for customers of Wells Fargo’s Treasury Management and Merchant services programs. The platform grants businesses, merchants, government agencies, nonprofits, financial institutions and other organizations the ability to digitally send money to consumers and smaller organizations that would otherwise use cash or check.
Mastercard says the concept was designed for and with the treasurer of those businesses in mind.
”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.
According to the partnership, Mastercard Send has already been adopted by big corporations like Allstate. The Northbrook, Ill., insurance giant is one of the first to try out the new Mastercard Send through its QuickCard Pay.
“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,” said Allstate’s Chief Claims Officer Glenn Shapiro.
Both Wells Fargo and Mastercard said that the intended adopters of the new Mastercard Send range from government and nonprofits to various industries that need payments and disbursements 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 U.S debit card accounts with one connection,” said Matt Barr, senior vice president of Digital Payments and Labs at Mastercard.