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Wells Fargo and Oracle partner on payments automation

18 November 2008  |  3636 views  |  0 Source: Oracle

Wells Fargo & Company (NYSE: WFC) and Oracle today announced the release of the Wells Fargo Adapter, software that quickly and affordably integrates Wells Fargo treasury management services with the Oracle E-Business Suite financial applications.

The Adapter enables:

  • Streamlined implementation and maintenance of automated payables, receivables, cash management, and account reconciliation;
  • Reduced need for IT resources;
  • Shortened integration time, to one week or less in many cases;
  • Implementation and testing expenses lowered by up to 50-75 percent.

"The Adapter implementation was painless," said Mike Slavin, vice president of Information Technology at Macerich, a retail property developer. "After only three days, we were able to send a valid test file to Wells Fargo with ACH and wire transfer payments. We've paved the way for more transactional and operational efficiencies through payments automation."

Integrating Oracle financial management applications with Wells Fargo treasury management services allows organizations to enjoy increased productivity, lower administrative costs, improved regulatory visibility, and enhanced relationships with customers and trading partners. Integration also enables more efficient distribution of payables and remittance information to trading partners and payment processing networks. The Wells Fargo Adapter extends Oracle's capabilities to store payment level and receivables information, such as remittance and receipt data to be used for processing payments.

"Historically, the automation of integrating applications with a bank's treasury management services was something only the largest organizations could handle due to time, expense, and complexity," said Tony Kender, senior vice president of Oracle's Global Accelerate Program Office. "The Wells Fargo Adapter brings full automation to Oracle's midsize customers and gives them an advantage in accuracy, speed, and efficiency in processing transactions."

Wells Fargo and Oracle will engage in joint go-to-market initiatives that will promote the value of the integration and showcase how the Adapter can be implemented in less than one week, annd can reduce project costs and deliver immediate, tangible benefits to joint customers.

"Over and over, our customers have told us that they recognize the benefits of automating and integrating payables and receivables with their bank but struggle with time, cost, and availability of IT resources," said Brad Stewart, senior vice president and group product manager for Wells Fargo's Wholesale Internet and Treasury Solutions. "The Adapter was developed to address those concerns."

The Wells Fargo Adapter is available for the Oracle E-Business Suite 11i (11.5.10) and will soon be available for Release 12 and JD Edwards EnterpriseOne 8.12 through Wells Fargo.

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