SAN FRANCISCO - April 14, 2010
As part of its commitment to the award-winning WellsOne® Commercial Card program, Wells Fargo & Company (NYSE: WFC) said today it has released its next-generation program administration, reporting, and reconciliation tool: the proprietary, online Commercial Card Expense Reporting (CCER) service.
Wells Fargo customers can use the unique, single-card WellsOne program to pay for expenses incurred by traveling employees, vehicle fuel and maintenance, and small- and large-dollar corporate purchases, including accounts payable (AP) disbursements. The WellsOne Commercial Card program helps customers by replacing a multi-card strategy comprised of separate travel and entertainment cards, fleet cards, procurement cards, and – in many cases – traditional paper-driven processes, such as administration of petty cash or purchase orders and invoices.
The next-generation CCER adds another first to Wells Fargo’s legacy of innovation in our WellsOne Commercial Card program: single sign-on to manage both Wells Fargo issued U.S. and Canadian dollar cards. The new version also includes automated international ACH processing for Canadian cardholders to settle out-of-pocket and personal expenses to Canadian bank accounts.
“CCER is a great example of how customers are at the center of everything we do at Wells Fargo. We continue to invest in our proprietary technology in ways that will drive the most benefit to our customers,” said Mary Mazzochi, senior vice president and manager of Wells Fargo’s Commercial Card product suite. “The advantage of building our own application is including our own customers in development and refinement.”
Introduced in 2000, CCER is delivered through Wells Fargo’s award-winning Commercial Electronic Office® (CEO®) portal. The application streamlines program administration, automates routine reporting functions, and provides real-time access to activity. From account setup to statement reconciliation and approval, CCER eliminates expense paperwork and efficiently manages card payment transactions. Wells Fargo became an issuer for commercial cards in 1994.
“We’ve enhanced CCER’s look and feel,” said Mazzochi. “It’s very intuitive. Navigation is easier, reporting is improved, workflows are streamlined, and security is continuously enhanced. This is among the most-advanced card programs in the industry.”
“The CCER website upgrade is fabulous,” said Kim McGinnis, the CCER program administrator for Universal Land Construction in Woodinville, Washington. “Many aspects have been simplified and are quite smooth and efficient.”
CCER also allows customers to use their WellsOne commercial cards to pay invoices received in Accounts Payable. When a customer authorizes a payment, CCER assigns a single-use account number and sends it with the payment details to the merchant by secure e-mail. Electronic reconciliation information is also provided to our customers, either through a direct file or our online CCER interface so they can easily reconcile card payments in their back-end applications.
“Leveraging the WellsOne Commercial Card program to settle AP invoices produces savings both in process efficiencies and working capital improvements,” said Mazzochi. “There’s no need to cut checks. The WellsOne Commercial Card program, including our proprietary CCER technology, is a great first step for customers interested in migrating from paper to electronic payments producing immediate benefits.”
Wells Fargo is the only company to win three consecutive annual awards for electronic payment system quality, innovation and leadership from NACHA – The Electronic Payments Association.
About Wells Fargo
Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.