Wells Fargo has introduced a suite of business-to-business financial services for e-marketplace members to obtain financing and settle transactions over the Internet.
The WellsXchange solution allows e-marketplace members to complete a variety of domestic and international transactions without ever leaving the marketplace site, says the West coast bank. The service is currently live on three B2B exchanges, AgEx, GemConnect and MeetChina.
"E-marketplaces are creating opportunities for companies to improve their procurement and sales processes, but they also create credit and settlement risks for buyers and sellers that financial service companies are well suited to solve," says Steve Ellis, executive vice president of Wells Fargo's wholesale Internet solutions group.
The WellsXchange solution currently includes four distinct products, including a revolving line of credit, prepaid commercial letter of credit, documentary collection and escrow services provided in association with Tradenable (formerly i-Escrow.com).
Wells Fargo says it will distribute the solution through a variety of channels, including the Oracle Exchange platform.