Wells Fargo Successfully Launches Foreign Exchange Online Service
San Francisco — February 12, 2001
Wells Fargo today announced the successful launch of Foreign Exchange Online, a new and speedy Internet tool that allows businesses to access the global foreign exchange market to buy and sell currency while saving money, time and exercising maximum control over funds transfer risk. The system has competitive foreign exchange rates, fast settlement and flexible reporting.
"Foreign Exchange Online has reduced the time I spent on foreign exchange transactions by nearly 70 percent," said Kathy Bakken, IT manager for West Pak Avocado company, an importer of agricultural products from Latin America. "During West Pak's busy importing season, I access the global market and convert dollars to pesos as many as 30 times a day. Foreign Exchange Online helps me save money on individual wire fees and it makes my job easier with readable reports and account settlement tracking."
"We are very impressed with how easy it is to use," said Adam Carte, director of Treasury for NRG Energy. "In one step we can buy foreign currency and send it to the recipient. This service really works well for us."
"Foreign Exchange Online makes the process of buying and selling foreign currency easy, safe and secure," said Tracey Warson, executive vice president for Wells Fargo's Foreign Exchange. "One of our Dallas customers reported that he completed a transaction while waiting for his connecting flight at the Cincinnati airport and a Phoenix-based customer did the same from his Australian hotel room while on vacation."
With more than $1.5 trillion of trades every 24 hours, the global Foreign Exchange market is inherently risky and can be confusing for many U.S. businesses. Wells Fargo's Foreign Exchange Online simplifies the complexity of the market, it allows customers to access the market trading from a standard PC which uses familiar Internet browser technology. Setting up complex networks is not required to allow access for more than one user.
In addition, the latest and most effective security measures are incorporated in the new channel including identification numbers, passwords and 128-bit Secure Socket Layer (SSL) data encryption. With a PC and a standard Internet browser connection, customers can log on with a single sign-on to www.wellsfargo.com/com/ceo and access to a variety of Foreign Exchange features from work, home or while traveling.
Foreign Exchange Online is offered as one component of the Commercial Electronic OfficeSM business portal, a comprehensive financial services portal for banking and non-banking services. The new Internet service allows customers to conduct transactions, access information, and receive service online for their credit, cash management, electronic payments, foreign exchange, and trust and investment needs.
As the first major financial services company in the U.S. to launch Internet banking services in 1995 (www.wellsfargo.com ), Wells Fargo has blazed the trail in providing interactive tools and features for customers. Wells Fargo introduced consumer online services in 1989, and over the last decade has added a wide range of easy-to-use online services. Both Gomez Advisors and Nielsen/Net Ratings recently named Wells Fargo the top Internet bank in market share (14.4%) and total monthly visitor count.
About Wells Fargo
Foreign Exchange Services division began serving customers when Wells Fargo's International Services Group was established in 1988. Providing a comprehensive package of services to businesses, its trading volume has grown to more than $1.2 billion a day in foreign currencies with more than 1,000 trades a day. Customers may access services by phone, online, at one of the 12 dedicated Foreign Exchange offices, or thorough any Community Banking store.
Wells Fargo & Company is a $272 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance through about 6,000 stores, the Internet and other distribution channels across North America, including all 50 states, and elsewhere internationally.