Wells Fargo announced last week it will offer EMV-enabled commercial cards in Europe, with the support of MasterCard, that will allow transactions in various currencies to be processed, tracked and reported more easily.
All new WellsOne commercial cards will be fitted with a microprocessor chip defined by the EMV standard. Existing cardholders will be transitioned to EMV, according to the company, ahead of the October 2015 liability shift deadline in the U.S.
The new European commercial cards feature local, regional and global oversight capabilities, along with a global card expense reporting tool, which allows company CFOs and employees to monitor commercial card transactions. The card features 24/7 multi-language customer support.
“Our middle market and large corporate customers are increasingly conducting business globally,” Mary Mazzochi, the senior vice president and manager of commercial card products at Wells Fargo, said. “The European Commercial Card solution is designed to streamline our customers’ purchasing process in pound sterling or euro, whether it’s for small purchases, travel and entertainment, or large expenditures. The European Commercial Card product launch follows successful introductions in the United States and Canada and rounds out our international program offering based on our customers’ needs.”
The EMV-enabled commercial cards will retain the magnetic stripe to facilitate acceptance in the U.S. market, which has not yet completely transitioned to EMV. The chip technology has already been adopted and is in widespread use in Europe, Canada and several Asian countries.