Wells Fargo has launched a financial services portal for banking and non-banking services for mid-sized companies and large corporations. Dubbed the Commercial Electronic Office (CEO), the new Internet service is designed to offer a single point of access for all a company's financing needs.
Today, 84 percent of financial professionals at middle-market and large corporate companies use the Internet to obtain information and communicate with service providers for cash management, investment management and credit services, according to the US Association for Financial Professionals. And over the next two years, these financial professionals expect to increase their use of the Internet to negotiate and purchase financial products by as much as 12 times.
Wells Fargo's Commercial Electronic Office (CEO) portal will initially offer basic cash management and treasury services suplemented by international business offerings such as real-time foreign exchange rates and trade finance.
In the autumn, Wells Fargo plans to extend the capabilities of the Commercial Electronic Office with credit and loan services, business-to-business invoicing, e-procurement, wire initiation and institutional account access as well as richer customised news and information content. In addition, the service will be made available through a variety of electronic devices.