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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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.
News Release Category: WF-PS