TMCnet News
Wells Fargo Helps Automates Accounts ReceivablesWells Fargo (News - Alert) & Company (NYSE:WFC) announced today significant enhancements to the Receivables Manager service offered to Treasury Management customers. The industry-leading tool saves time and improves efficiency for accounts receivable departments. Receivables Manager now offers three distinct capabilities - remittance advice matching, ACH and wire repair, and an integrated receivables file- that together streamline and automate the receivables application and posting processes. "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 David Trotter, head of Treasury Management at Wells Fargo. "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." With the shift from paper to digital transactions, what is efficient for payers is now inefficient for receivers. Currently, accounts receivable staff must search for remittance advices, connect them to payments, and then manually key information into accounting or Enterprise Resource Planning (ERP) systems. "We wanted to move our top accounts over to electronic payments to save money and increase efficiency," said Patti Davis, accounts receivable manager from Carhartt. "Before Receivables Manager, it took about four to five days to post payments as complete. Now, because we don't have to spend time matching ACH or wire payments to remittance and manually applying them, we take only 1.65 days to post payments as complete." Wells Fargo's Receivables Manager addresses receivables challenges through:
About the CEO® portal and the CEO Mobile service The Commercial Electronic Office® (CEO) portal offers Wells Fargo commercial and corporate customers single sign-on access to nearly 90 online banking applications and reports, including cash management, credit, investments,1 foreign exchange, trade finance, capital markets, trust, insurance,2 and health benefits. The CEO Mobile service is an extension of select CEO portal services, giving customers the ability to access accounts and make important decisions when they are in a meeting, on the go, or traveling. Customers can use the CEO Mobile service to initiate and approve payments, make deposits, receive alerts, review balances and reports, transfer funds, manage business expenses, and administer and reset passwords. About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $2.0 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,500 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 273,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune's 2016 rankings of America's largest corporations. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. 1, 2 Non-deposit investment and insurance products are not insured by the FDIC, are not deposits of or guaranteed by the bank, and may lose value.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170519005454/en/ |