Wells Fargo Launches Integrated Receivables, an AI-Powered Offering, to Help Simplify Accounts Receivables
September 08 2021 - 9:30AM
Business Wire
The service can produce significant operational cost savings and
speed access to working capital
Wells Fargo & Company (NYSE: WFC) today announced the
availability of Integrated Receivables, a new Accounts Receivable
(AR) service that uses artificial intelligence, machine learning,
and robotic processing to help simplify payment and remittance data
capture, re-association, and invoice matching.
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the full release here:
https://www.businesswire.com/news/home/20210908005209/en/
Integrated Receivables (Photo: Wells
Fargo)
“Integrated Receivables allows our clients to spend less time
working on piecing together payments data and more time focusing on
their core business objectives,” said Danny Peltz, head of Treasury
Management & Payment Solutions for Wells Fargo. “By automating
the capture of payments and the matching of funds to invoices,
Integrated Receivables can help produce significant operational
cost savings, reduce the risk of incomplete or inaccurate data
entry, and accelerate cash flow.”
Artificial intelligence and machine learning technology enables
Integrated Receivables to correct errors and improve matching logic
over time, which can help companies devote less time and resources
to manually applying payments.
“With this solution, the software does the bulk of the heavy
lifting behind the scenes,” said Chris Noe, Wells Fargo’s Head of
Treasury Management Product Innovation. “We have incorporated
multiple receivables solutions onto a single platform that is
payment channel agnostic. We are able to use artificial
intelligence and advanced data capture to memorize historical
corrections and apply them automatically and accurately where
needed.”
Streamlined and configurable implementation
Integrated Receivables’ customer implementation process is
highly-configurable, and has been streamlined by Wells Fargo to
help make it easy for clients to get up and running quickly.
“Making it easier for our clients to do business with us is a top
priority for the organization,” said Peltz. “We think they will be
impressed with how smooth the setup is for this solution, and how
it translates into faster access to working capital.”
Integrated Receivables is based on technology from DadeSystems,
a leading provider of AR automation solutions. In February of 2020,
Wells Fargo made an investment in DadeSystems to support the growth
of the company’s suite of technology solutions.
“We are excited about this extension of our relationship with
Wells Fargo,” said Bill Zayas CEO, DadeSystems. “Wells Fargo and
DadeSystems recognize the potential for accounts receivable
automation to improve efficiencies for a wide range of businesses
from smaller companies to the largest and most complex.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is the leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
Additional information may be found at
https://www.wellsfargo.com/ | Twitter: @WellsFargo.
News Release Category: WF-PS
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version on businesswire.com: https://www.businesswire.com/news/home/20210908005209/en/
Media Sam Arenson, 612-414-7618
sam.arenson@wellsfargo.com
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