Wells Fargo boosts API capabilities for Commercial Banking businesses

By Gloria Mathias

Wells Fargo & Company has announced the launch of specialised Application Programming Interfaces (APIs) tailored for its Commercial banking clients.

This expansion of Wells Fargo’s API portfolio provides immediate access to real-time data that may help increase sales, improve liquidity, reduce credit risk, and reduce expenses for floorplan and channel finance clients in the following industries: auto, motorsports, outdoor products and equipment, recreational vehicles, consumer electronics, appliances, and technology.

Wells Fargo’s API platform enables manufacturers, distributors, and dealers to connect directly from their system of choice.

“Our new APIs provide clients real-time, on-demand information so they can efficiently and seamlessly manage inventory, supply chain, and payments,” said Daniel Pfeiffer, head of Wells Fargo Global Receivables, Trade, and Inventory Finance. “By expanding our API technology, we took a step forward in taking out the complexity of navigating various systems, allowing clients to embed the functionality they need to manage their inventory and processes in their system of choice,” he added.

APIs offer Wells Fargo Commercial Banking clients several essential benefits:

• Faster order processing means avoiding delays in shipping inventory with the ability to check credit availability and receive approvals with the click of a button within their system.
• Accurate inventory planning provides instant visibility into on-demand real-time inventory data, which allows more precise forecasting.
• Real-time invoicing means recognising revenue faster when invoices are processed instantaneously, eliminating delays due to file failures, manual processing, outages, and human intervention.
• Seamless technology integration from Wells Fargo’s APIs provides connectivity to client systems, allowing them to eliminate manual data entry and other workarounds when retrieving data.
• Easier money management helps clients identify inventory for payment, apply payments, and see when and how to apply wire payments or create payment plans.

“Wells Fargo has been a leader in the API development space by focusing on solving real problems for our clients. Having the right tools in place is critical as we see growing client expectations around providing solutions that are easy to implement and use,” said Reetika Grewal, Wells Fargo’s head of Digital for Commercial Banking and Corporate & Investment Banking. “This expansion of our portfolio will allow our clients to be even more connected to the platforms they are using and ensure they have an end-to-end view that can streamline their business operations and provide information at a faster speed.”