Wells Fargo Helps Automates Accounts Receivables
May 19 2017 - 11:00AM
Business Wire
New tool streamlines electronic payments,
saving customers time and resources
Wells Fargo & 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:
- Remittance advice matching: The
tool compares data from a customer’s ACH and wire payments to
remittance information sent by email, faxes and paper mail. The
engine for this matching process works based on a customer’s
matching criteria, such as payer name, payer account and dollar
amount.
- ACH and wire repair: Whenever
possible, on occasions where payers include electronic information
that is incomplete or unreadable, Wells Fargo’s new tool will fix
the information systematically to enable automated cash application
to the customer’s accounts receivable system. . When it is
unfixable, customers can use the Receivables Manager application on
the CEO portal to create remittance templates for payers so that
subsequent payments can pass through automatically.
- Integrated receivables file:
This feature consolidates payment and remittance information from
many payment types. Customers can use the consolidated payment
information to automatically post many types of received payments
to their accounts receivable system.
Following a successful pilot phase, the enhanced Receivables
Manager service is now available to Wells Fargo’s CEO customers.
For more information, please contact your Treasury Management
representative.
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/
Wells Fargo & CompanyAngenette Lau,
415-396-9904angenette.m.lau@wellsfargo.com
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Sep 2023 to Sep 2024