Wells Fargo Introduces Trade Finance Online -- Industry's First Internet Product That Allows Companies to Convert Foreign and Domestic Accounts Receivable Into Cash.Business Editors
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 Wells Fargo
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TFO Trouble Free Operation ), the industry's first trade finance product that allows companies to use the Internet to convert their foreign and domestic accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying 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 HSBC Hongkong and Shanghai Banking Corporation
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HSBC Humane Society of Bay County (Bay County, Michigan) 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 Forfeiting
Method of financing international trade of capital goods. , 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 The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment 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 North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. as well as internationally.