Company Introduces New Platform at SIBOS Conference
HONG KONG -- (BUSINESS WIRE) --
Wachovia, a Wells Fargo company, has introduced the first comprehensive, end-to-end supply chain finance solution, covering purchase order issuance through cash collection. Using one platform, legal and credit structure to cover the entire process, the solution provides both buyers and suppliers complete visibility into the financial supply chain process.
With the first platform to include both payables and receivables, companies can view transactions in real time, allowing immediate access and increased transparency into their supply chain accounts. The solution is also provided on a private-label basis, allowing global financial institutions to offer their corporate customers a supply chain solution under their own brand.
"It's become increasingly difficult for companies to get adequate supply chain financing," said Stuart Roberts, group head of Global Supply Chain Finance. "With this solution, our global customers can provide increased working capital and lower cost for their own customers, further strengthening those relationships through a single global point of connectivity and service."
During the 2009 SIBOS conference, Roberts will host a luncheon session titled "Supply Chain Financing Opportunities in a Credit-Constrained World."
Wells Fargo's International Group serves individuals, businesses, corporations, financial institutions, and multilaterals institutions with a full range of international solutions. With more than 35 overseas offices, Wells Fargo is currently ranked #2 in the world in primary bank global correspondent banking market share and is one of the largest providers of FX services in North America.
Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.
1 Wachovia Bank, N.A. and Wells Fargo Bank, N.A. are scheduled to merge effective March 20, 2010. Until that merger, Supply Chain Finance products will be provided by Wachovia Bank, N.A., a Wells Fargo company.
CONTACT:
Wells Fargo & Company
Media
Kathryn Ellis, 1-415-222-3767
kathryn.d.ellis@wellsfargo.com