Broad suite of new API solutions will provide faster and more flexible inventory management, order processing, invoicing, accounts payable, and supply chain management
Wells Fargo & Company today announced the launch of specialized 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 directly connect from their system of choice. Updates will happen automatically and flow between trading partners so there’s no delay in sending and receiving information, and no need to manually enter, upload, download, or transmit important files, allowing clients instant access to critical business insights.
“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.
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The new APIs offer Wells Fargo Commercial Banking clients several important 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 own system, which reduces time to invoice and expands the window to address credit line increases or order payoffs, if needed.
- Accurate inventory planning provides instant visibility into on-demand real-time inventory data, which allows more precise forecasting, so clients have the right level and right kind of inventory. Companies will have the data to control their supply chain without waiting on batch run updates, human intervention, or processing issues.
- Real-time invoicing means recognizing 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 provide connectivity to client systems so they can eliminate manual data entry, and other workarounds when retrieving data, and performing activities such as loading inventory, checking inventory status and balances due, and paying off inventory, all within their system of choice.
- Easier money management helps clients identify inventory for payment, apply payments, and see when and how to apply wire payments, or create payment plans. This streamlines the ability for clients to manage their money, reducing manual steps and providing instant daily transaction reconciliation.
“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.”
What are APIs?
APIs, or Application Programming Interfaces, are software applications that simplify and execute a set of rules or commands, created by the owner, that link digital worlds together to create a secure way to exchange data, features, and functionality. For example, e-commerce transactions offer consumers a variety of ways to pay for a purchase from your phone; those are APIs that are talking to each other so that the money is transferred securely and safely.
Wells Fargo is continuously looking for new ways to improve our client experiences and has a history of delivering APIs that meet evolving expectations. To illustrate, as demands for availability and flexibility grow, Wells Fargo released an instant payments API last year. This API provides clearing at any time to support business 24/7 and simple access to payment statuses.
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