US bank Wells Fargo has become the first financial services
provider to adopt MasterCard Payment Gateway, MasterCard
Worldwide’s new commercial payments processing platform for routing
payments between buyers, suppliers and their financial
institutions. Key features of Payment Manager include
buyer-initiated purchasing card straight-through processing, a
single interface for all payment processing needs and an internet
portal for payment status and reporting integration.

Financial service providers can adopt and rebrand Payment Gateway
as a stand-alone offering or integrate it into their current
product offerings; Wells Fargo opted for the latter.

“By integrating the MasterCard Payment Gateway, we extend the
capabilities of our Payment Manager product so that it addresses
the entire spectrum of needs our corporate customers face when
managing their business-to-business payments life cycle,” said Mary
Mazzochi, senior vice-president and manager of Wells Fargo’s
commercial card product line.

“Our customers can save money by breaking down the silos that
traditionally exist across payments infrastructures and taking
advantage of a streamlined total payables solution. Now they can
automate their labour-intensive payments processes and increase
productivity, enhance security and ultimately grow profits.”

Commenting on Payment Gateway, Alenka Grealish, MD of the banking
group at research company Celent, said its launch comes at a time
when corporations are increasingly demanding more efficient,
resilient and transparent payment systems. “The financial
institutions that are able to deliver against this demand will
excel over the next five years,” said Grealish. “Market share of
the nearly 10 billion annual business-to-business transactions will
certainly shift in favour of those institutions that make it easier
and faster.”