Wells Fargo Helps Automates Accounts Receivables

New tool streamlines electronic payments, saving customers time and
resources

SAN FRANCISCO–(BUSINESS WIRE)–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.

Contacts

Wells Fargo & Company
Angenette Lau, 415-396-9904
angenette.m.lau@wellsfargo.com