Wells Fargo Delivers Secure, Online Suite of Business-to-Business Financial Services to E-Marketplace Members with the WellsXchange® Solution
San Francisco — January 22, 2001
Today Wells Fargo & Company (NYSE: WFC) introduced a suite of business-to-business financial services that enables e-marketplace members to obtain financing and settle transactions over the Internet. The WellsXchange® solution - one of the first financial service offerings of its kind - allows e-marketplace members to complete a variety of domestic and international transactions without ever leaving the marketplace site, creating a seamless online solution that is simple, secure, and efficient.
The WellsXchange suite of services is currently live on three marketplaces, AgEx (www.agex.com), GemConnect (www.gemconnect.com) and MeetChina (www.meetchina.com). To perform basic financial transactions e-marketplace members once had to go off-line; now they can transact in real-time, in one place.
"E-marketplaces are creating opportunities for companies to improve their procurement and sales processes, but they also create credit and settlement risks for buyers and sellers that financial service companies are well suited to solve," said Steve Ellis, Executive Vice President of Wells Fargo's Wholesale Internet Solutions Group. "Wells Fargo has been dealing with these kinds of problems for years with payment guarantee, credit and risk management solutions. With the WellsXchange solution, we've taken that ability one step further by meeting a critical e-marketplace need around trust and financial services."
The WellsXchange solution currently includes four distinct products that can be implemented on their own or in any combination.
- BusinessLine® Line of Credit : an unsecured, revolving line of credit for which most credit decisions are provided online within minutes.
- Prepaid Commercial Letter of Credit: bank-backed guarantee for U.S. importers to pay foreign sellers.
- Escrow Services, in partnership with TradenableTM (formerly i-Escrow.com): payments are held in trust until all transaction terms are met.
- Documentary Collection: the bank acts as an agent for U.S. exporters, transferring shipping documents to an overseas bank and collecting payment.
All services are provided with state-of-the-art security, including the most advanced firewall technology and 128-bit SSL security encryption. Throughout 2001 Wells Fargo will add an expanded range of commercial banking services to the WellsXchange solution.
Wells Fargo aligned with Tradenable (www.tradenable.com), formerly i-Escrow.com, the market leading provider of online escrow services, to develop the WellsXchange Escrow product. Tradenable provides transaction settlement services that enable e-marketplaces to provide a virtually risk-free trading environment, allowing businesses to securely conduct e-commerce.
"The WellsXchange suite of integrated financial services is an excellent solution for e-marketplaces looking to attract more buyers and sellers and boost transaction volume in an atmosphere of trust," said Tradenable President and CEO A. William Schenck. "We're thrilled to work with Wells Fargo, one of the most respected names in financial services, and to be selected as the engine behind WellsXchange Escrow, a service that will help buyers and sellers safely settle their transactions."
Wells Fargo has been a trusted advisor to businesses since 1852, and today is teaming with companies to enable financial services on B2B e-marketplaces. An early online innovator, Wells Fargo continues to demonstrate its leadership in providing Internet solutions for its business customers. In August 2000, Wells Fargo joined with Citigroup, Enron, i2 Technologies and S1 Corporation to form FinancialSettlementMatrix.com, which integrates a multi-bank platform with e-marketplaces. In addition to the marketplaces noted above, Wells Fargo will provide its WellsXchange suite of services through a variety of channels, notably for the Exchange Platform of key partner Oracle Corporation.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified financial services company with $272 billion in assets providing banking, insurance, investments, mortgage and consumer finance services through approximately 6,000 stores, its Internet site (www.wellsfargo.com ) and other distribution channels across North America as well as internationally.
What the WellsXchange solution customers say:
"The WellsXchange service dramatically improves the ease with which our members can complete their transactions online," said AgEx.com Co-Founder and CEO Royce Nicolaisen. "With international trade products like the Prepaid Commercial Letter of Credit, Documentary Collections and escrow functionality, members can more efficiently complete the financial settlement of e-marketplace transactions. That helps AgEx provide an end-to-end solution, increasing marketplace transaction volumes."
"The WellsXchange Escrow service on AgEx.com is intuitive and easy-to-use, and fits well with our current systems and practices," commented Otis McAllister Hong Kong's General Manager Lita Lin. "With WellsXchange Escrow, we were able to create and settle the entire purchase transaction online - streamlining our processes and saving time and money. We will definitely continue to use the WellsXchange service for our other online transactions."