Wells Fargo® Commerce Manager Optimizes Working Capital, Strengthens Trading Partner Relationships
SAN FRANCISCO — October 28, 2010
Wells Fargo & Company (NYSE: WFC) announced today the launch of Wells Fargo® Commerce Manager, a comprehensive suite of business-to-business tools that optimizes working capital and strengthens trading partner relationships.
Commerce Manager automates four key processes—Payables, Receivables, Invoicing, and Supplier Onboarding—and drives purchase-to-pay and order-to-cash improvements, including:
- Increased process efficiencies
- Help improve cash management and forecasting
- Reduced costs
- Better investment decisions
- Advanced auditing, controls and reporting
“Today, more than ever, organizations are focused on improving liquidity, reducing capital expenses, and optimizing working capital,” said Keith Theisen, executive vice president and head of Treasury Management products at Wells Fargo. “Commerce Manager helps our customers do just that while reducing costs, increasing control, and ensuring compliance.”
Companies of all sizes and industries can implement Commerce Manager as an end-to-end solution or use individual components to help improve efficiencies across payables, receivables, invoicing, and supplier enablement services. The modular yet scalable system includes leading-edge solutions focused on:
- Payables: Comprehensive payables solution supports multiple payment types (check, wire, Automated Clearing House (ACH), and commercial card accounts payable solutions) through a single-file format, including buyer-initiated and supplier-initiated payments.
- Receivables: Leverages electronic payment file for secure, seamless posting to accounts receivable or billing system. Paperless alternative reduces manual keying errors and lowers costs. Customers receive payment data files when and how they want them for faster uploading and more-efficient posting and reconciliation.
- Invoicing: Paperless invoicing with automated workflow streamlines purchase-to-pay processes. With access to the world’s largest supplier community, and optional electronic payment and remittance services, customers can streamline invoice capture, improve processing efficiencies and accuracy, capture early-pay discounts, and reduce AP costs.
- Supplier Onboarding: Converts suppliers from paper to electronic forms of payment with dedicated professionals who analyze a customer’s existing payments, recommend segmentation strategies for migration to electronic payments, and build and execute an outreach campaign to the targeted suppliers.
“Commerce Manager improves efficiency and helps reduce costs across any enterprise by focusing on key points in the procure-to-pay and order-to-cash lifecycle,” said Ross Tulloch, vice president, B2B Strategies for Commercial Card Solutions at Wells Fargo. “Commerce Manager helps companies improve the cash conversion cycle, allowing customers to be more efficient and improve cash flow.”
For more information about Commerce Manager, please contact Ross Tulloch at (770) 551.4633 or firstname.lastname@example.org.
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 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 banking stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.