Wells Fargo Introduces Trade Finance Online -- Industry's First Internet Product That Allows Companies to Convert Foreign and Domestic Accounts Receivable Into Cash.
SAN FRANCISCO--(BUSINESS WIRE)--March 25, 2002
Nation's First and Leading Internet Bank Extends Anytime, Anywhere
Banking Philosophy to U.S. Exporters and Manufacturers
Wells Fargo & Company (NYSE:WFC) today announced the launch of Trade Finance Online (TFO), the industry's first trade finance product that allows companies to use the Internet to convert their foreign and domestic accounts receivable into cash, reduce foreign credit risks, track outstanding accounts receivables and available credit with online reports, and realize increased convenience, control, efficiency and security.
Accessed via Wells Fargo's Commercial Electronic Office Solution (www.wellsfargo.com/com/ceo), Trade Finance Online allows users to easily upload and check invoices for qualification against credit insurance and financing limits and then submit them for financing or purchase by the bank, online. This service is designed to provide quick access to information for treasury, credit and collection departments.
"Trade Finance Online helps companies free up working capital that can help them grow their businesses," said Ken Petrilla, senior vice president / export finance manager, Wells Fargo. "It also saves valuable time and increases efficiency by providing companies with immediate access to information designed to remain competitive and reduce risk. Financing invoices was previously done manually, in a more difficult to manage, time-consuming fashion."
For exporters with more than $5 million in qualified export sales, Wells Fargo can convert their foreign accounts receivable to cash -- utilizing Trade Finance Online. Through continually expanding customer-centric business practices, Wells Fargo is working with businesses to turn trade finance into a powerful cash management tool.
The demand for Trade Finance Online is attributable to a number of factors. Manufacturers and exporters are continually looking to use open account rather than letter of credit payment terms, manage their credit exposure to domestic and foreign buyers, while also accelerating their cash flow. Improving balance sheet efficiency and avoiding excessive discounts to accelerate collections are also reasons cited to use Wells Fargo's innovative new offering.
About Wells Fargo HSBC Trade Bank
The Wells Fargo HSBC Trade Bank is an equity joint venture between Wells Fargo (60%) and the HSBC Group (40%), specializing in import-export business, leveraging the expertise and in-country presence of over 6,000 HSBC offices in over 78 countries. The Trade Bank offers products and services such as letters of credit, US Export and Import Bank programs, forfeiting, buyer finance, trade cycle finance, receivables purchase and draft discounting.
About Wells Fargo & Company
Wells Fargo and Company (NYSE:WFC) is a $308 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance services through 5,400 stores, its Internet site (www.wellsfargo.com) and other distribution channels across North America as well as internationally.