US-based financial services company Wells Fargo & Company has launched specialised Application Programming Interfaces (APIs), customised for its commercial banking clients.
APIs are software applications that simplify and execute a set of rules or commands that connect digital worlds to create a secure channel to exchange data, features, and functionality.
Wells Fargo said the expansion of its API portfolio would provide immediate access to real-time data that help increase sales, improve liquidity, reduce credit risk, and reduce expenses.
The expansion also allows channelling of finance clients in the auto, motorsports, outdoor equipment, recreational vehicles, consumer electronics, appliances, and technology industries.
Wells Fargo global receivables, trade, and inventory finance head Daniel Pfeiffer said: “Our new APIs provide clients real-time, on-demand information so they can efficiently and seamlessly manage inventory, supply chain, and payments.
“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.”
Wells Fargo said its API platform allows manufacturers, distributors, and dealers to directly connect from their system of choice, and updates will happen automatically.
The platform eliminates any delay in sending and receiving information and manual file transfers, allowing clients to instantly access critical business insights.
The US financial services provider said that its expanded portfolio of APIs will provide commercial banking clients with several benefits.
The benefits include faster order processing, accurate inventory planning, real-time invoicing, easier technology integration, and easier money management.
Faster order processing would help prevent shipping delays through quick credit checks and approvals, reducing time to invoice and addressing credit needs.
Accurate inventory planning provides real-time visibility for better forecasting and supply chain control without manual intervention, and real-time invoicing eliminates processing delays.
The APIs will enable easier integration, allowing for automated data retrieval and tasks, such as inventory checks and payments, reducing manual work.
Their easier money management functionality simplifies payment processes, providing instant reconciliation and better transaction oversight, said Wells Fargo.
Wells Fargo digital for commercial banking and corporate & investment banking head Reetika Grewal said: “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.
“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.”
