Wells Fargo Signs Two Data Exchange Deals with Expensify, PointServ
November 06 2017 - 12:35PM
Business Wire
Agreements strengthen data access and sharing
for lending applications, expense reporting
In an effort to continue to simplify the financial lives of its
customers, Wells Fargo & Company (NYSE:WFC) announced
agreements with Expensify and PointServe as part of its
industry-leading efforts to reshape the data-exchange models it
uses when sharing customer information with third-party
services.
San Francisco-based Expensify provides automated solutions for
business expense reporting and receipt management. PointServ, based
in Burlingame, Calif., offers solutions that enable mortgage
lenders, bankers, and financial institutions to process loan
applications more efficiently by gathering directly from the source
the documents applicants need for loan decisioning.
“We’re extremely pleased to announce these agreements, which
broaden the use of secure data exchange methods into our customers’
financial lives,” said Brett Pitts, Head of Digital for Wells Fargo
Virtual Channels. “In the last two years, we’ve made tremendous
progress in identifying more secure and efficient ways of sharing
data, and these agreements with Expensify and PointServ demonstrate
why API-driven solutions continue to grow. We look forward to
implementing these agreements in the coming months.”
The Expensify agreement will make it easier for Wells Fargo
credit-card holders who use Expensify to document and report
monthly business expenses. When collecting data for monthly
reporting, Wells Fargo and Expensify will use an application
programming interface (API) to share the data securely.
“With the new Wells Fargo API, our customers can securely sync
their Wells Fargo transactions to their Expensify accounts to track
expenses and create expense reports," said Robert Chen, Head of
Bank Integrations at Expensify. "This connection upgrades a
cumbersome, manual process to a stable, reliable process, which
saves time and improves the experience for our customers.”
Under the PointServ agreement, when a Wells Fargo customer
applies for a real estate loan with a mortgage company that uses
PointServ solutions to gather the financial documents it needs to
make a loan decision, a Wells Fargo API will deliver customer
statements and bank account activity to PointServ.
“PointServ is excited to make this direct connection to Wells
Fargo’s data exchange solution. Wells Fargo is providing their
customers with a cutting edge method of sharing their financial
information while applying for credit. This aligns closely with
PointServ’s mission as a source data provider to lenders,”
said Jeremy Kelly, CEO of PointServ.
How Wells Fargo’s API-driven data-sharing model works
The technology at the heart of these agreements is driven by an
innovative API, which gives customers greater control over what
bank information they share with third-party services. It also
provides enhanced security and improved reliability of the
data-sharing process.
Frequently, when an individual or a small business enrolls in a
digital financial management tool, accounting software or an
aggregation service, they enroll in that service by identifying
each of the financial institutions they use, and supply the
provider with the confidential online login information for each of
those institutions. When that customer then logs into that service
in the future, the third-party service uses the customer’s
confidential username and password to log into each financial
institution’s online banking site and accesses the customer’s
information.
This process – commonly referred to as “screen scraping” – can
be unreliable and cause frustration for the customer, given the
frequency with which financial institutions make aesthetic or
security-related changes to their websites. When a service connects
to a bank server and encounters a new or unexpected element or
change on a financial institution’s site, it can cause the data
collection to fail. By using APIs, the data sharing process becomes
less brittle and more reliable, resulting in less frustration for
customers.
About Expensify
Founded in 2008, Expensify is the global innovation leader in
automated receipt and expense management with an easy-to-use mobile
and web app. The app automates the entire expense reporting process
with patented SmartScan receipt capture technology, powerful
company card management, and integrations with all major accounting
softwares. With offices in the US, UK, and Australia, Expensify
serves more than 170,000 companies around the world.
About PointServ
Founded in 2008, PointServ provides access to source data across
the complete set of consumer financial documents needed by U.S.
consumer finance credit providers. PointServ improves the ecosystem
of consumer finance in the U.S. by creating a better consumer
experience, significantly improving the efficiency of our
customers’ business processes and eliminating fraud.
For more, visit pointserv.com
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a diversified,
community-based financial services company with $1.9 trillion
in assets. Wells Fargo’s vision is to satisfy our customers’
financial needs and help them succeed financially. Founded in 1852
and headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial
finance through more than 8,400 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 268,000 team members,
Wells Fargo serves one in three households in the United States.
Wells Fargo & Company was ranked No. 25 on Fortune’s 2017
rankings of America’s largest corporations. News, insights and
perspectives from Wells Fargo are also available at Wells Fargo
Stories.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171106006110/en/
Expensify MediaGabriella
Horowitzgabriella@expensify.comorPointserv MediaSteven
Comfort, 415-425-7367media@pointserv.comorWells Fargo
MediaHilary O’Byrne,
303-863-5134hilary.obyrne@wellsfargo.com
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Apr 2023 to Apr 2024