As Wells Fargo looks to continue to pick itself up after a series of scandals, the FI is also positioning itself closer to the corporate treasurer.
Wells said Friday (May 19) that it is adding features to Receivables Manager, an accounts receivable service for its corporate treasury clients. Those features include remittance advice matching, ACH and wire repair and an integrated receivables file.
The tools aim to reduce paper in corporate finance operations, Wells explained, and nix manual remittance and data entry.
Remittance advice matching automatically matches data from ACH and wire payments with remittance data sent by various channels, including paper mail, email and fax. ACH and wire repair, meanwhile, automatically fixes information on payments sent via these payment rails when that data is unreadable or missing. Finally, its integrated receivables file feature streamlines the payment and remittance information across channels and rails and consolidates it for easier data entry into accounts receivables systems.
“As organizations received an increasing number of electronic payments over the last few years, we heard from our customers that this shift was creating inefficiencies,” said Wells Fargo Head of Treasury Management David Trotter in a statement. “While payments arrived faster through ACH, the necessary information to process each payment was often buried in an email or in some other system. Our new Receivables Manager tool dramatically reduces the number of transactions processed manually, which allows our customers to refocus their resources away from small repetitive tasks and onto more strategic priorities.”
The solutions were first released in pilot phase but are now available for all Wells corporate clients using its Commercial Electronic Office (CEO) portal, Wells’ online banking and cash management solution for companies.