Wells Fargo Partners with Oracle for New Financial Solution
Wells Fargo and Oracle have jointly released the Wells Fargo Adapter, software that quickly and affordably integrates Wells Fargo treasury management services with the Oracle e-business suite financial applications. According to the two companies, 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; and implementation and testing expenses lowered by up to 50-75%.
“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.”
“Historically, the automation of integrating applications with a bank’s treasury management services was something only the largest organisations could handle due to time, expense, and complexity,” said Tony Kender, senior vice president of Oracle’s global accelerate programme 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.”