SAN FRANCISCO - November 2, 2011
As part of its commitment to deliver a single, global treasury channel and consistent product experience for U.S. companies doing business abroad, Wells Fargo & Company (NYSE: WFC) said today it has extended its industry-leading suite of cash management solutions to the United Kingdom and Europe.
Wells Fargo’s European treasury solutions give corporate treasurers flexibility, visibility, and control with in-market accounts that are consolidated with U.S.-based Wells Fargo accounts in reporting, inquiry, and account analysis services. Customers can access local and pan-European payments systems, 40-country ACH payments, their Wells Fargo accounts worldwide, and global cash positions with a single sign-on to the Commercial Electronic Office® (CEO®) Internet portal. Meanwhile, Wells Fargo operates a regional hub in London, where more than 250 team members provide local support and expertise as an extension of customers’ relationships in the U.S. Plus, over-the-counter services throughout the U.K. are provided by a 1,500 branch partner bank network.
“Whether operating in the U.S. or in markets abroad, our clients want their treasury products, channels, and service to be high quality, familiar, and consistent with what they’ve come to expect from Wells Fargo” said Judd Holroyde, senior vice president and head of Global Product Management & Delivery for Wells Fargo. “We use the expertise and technology that we have built over many years in the U.S. to design products that evolve as quickly as our customers’ businesses expand in those markets.”
Key to Wells Fargo’s European treasury solutions is the CEO portal, which enables U.S.-headquartered companies to send low-cost electronic payments to employees and vendors in 32 countries in the Single Euro Payment Area (SEPA) and European Union, plus eight additional markets: U.S., Canada, Mexico, India, Hong Kong, Singapore, Australia, and New Zealand.
Companies also can send a single file of all their global payments – including wires and ACH from their Wells Fargo London branch account – direct from their accounting or ERP systems to the Wells Fargo Payment Manager® service for straight through processing. And with the CEO Workstation® service, clients can see daily cash liquidity in local currency for each account and view cash flow projections.
“At Wells Fargo, technology innovation is a key to helping our customers achieve their objectives in global markets,” said Holroyde. “We pride ourselves in being a leader in both technology and banking.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 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 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially