Wells Fargo & Company (WFC Quick QuoteWFC ) recently unveiled a new Accounts Receivable (AR) service, Integrated Receivables, in a bid save the time of firms and resources on manually applied payments. The service uses artificial intelligence, machine learning, and robotic processing to help in streamline payments and remittance data capture, re-association, and invoice matching.
Integrated Receivables is based on the technology from a stellar provider of AR automation solutions — DadeSystems. In February 2020, Wells Fargo invested in DadeSystems to drive growth of the latter’s technology solutions suite.
The latest offering will automate the capturing of payments and matching of funds to invoices, reducing the time needed by clients to assemble payment data. This will allow clients to focus more on their core business vision and plans. Integrated Receivables will also aid them in generating major operational cost savings, abating the risk of incomplete and inaccurate data entries as well as expediting cash flows.
Building on its priority to make it easier for clients to conduct business with the Wall Street biggie, Wells Fargo will make the customer implementation procedure to the offering highly customizable via Integrated Receivables.
Wells Fargo’s head of Treasury Management Product Innovation, Chris Noe, said, “With this solution, the software does the bulk of the heavy lifting behind the scenes. We have incorporated multiple receivables solutions onto a single platform that is payment channel agnostic. We are able to use artificial intelligence and advanced data capture to memorize historical corrections and apply them automatically and accurately where needed.”
Bill Zayas, the CEO of DadeSystems, remarked, “We are excited about this extension of our relationship with Wells Fargo. Wells Fargo and DadeSystems recognize the potential for accounts receivable automation to improve efficiencies for a wide range of businesses from smaller companies to the largest and most complex.”
Wells Fargo has been focused on enhancing its compliance and risk-management capability along with streamlining initiatives. It is also focused on reducing its expense base to $53 billion in 2021, by building a more efficient company with a streamlined organizational structure, closing branches and reducing the headcount by optimizing operations and other back-office teams. Such efforts are likely to aid the company’s bottom-line growth.
The stock has gained 10.7% in the past six months compared with the 4.9% rally of the industry.
Image Source: Zacks Investment Research
Currently, Wells Fargo carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A growing number of financial services organizations have been resorting to convenient, frictionless digital services for their customers and clients.
In July, Northern Trust (NTRS Quick QuoteNTRS ) automated its document capture function in its alternative asset servicing business by rolling out a machine learning-powered capability. This underpins the company’s efforts to digitize alternative asset servicing and enhance asset owner clients’ experience through a multi-year investment.
In the same month, Sterling Bancorp (STL Quick QuoteSTL ) announced its investment in the parent company of BrightFi, Verdigris Holdings, Inc., to expand Sterling’s digital offerings, and facilitate innovation in the banking and financial industry. Sterling had also announced Banking as a Service (BaaS) partnership with BrightFi in April 2021.
Fidelity National Information Services, Inc. (FIS Quick QuoteFIS ) has added new significant components to its flagship cloud-native core banking platform called FIS Modern Banking Platform. The new components, which included cutting-edge retail lending and commercial onboarding as well as a budding ecosystem of third-party solutions, enhance the digital banking capabilities being deployed by numerous banks.