MAY 3, 2004 VOL. X, NO. 18 WELLS FARGO AUTOMATES …/media/Files/www/NewsEvents/InThePres… ·...
Transcript of MAY 3, 2004 VOL. X, NO. 18 WELLS FARGO AUTOMATES …/media/Files/www/NewsEvents/InThePres… ·...
MAY 3, 2004 VOL. X, NO. 18
Reprinted with permission of Operations Management
Wells Fargo Institutional Investment is automating tradeand exception processing for its global business to reducethe amount of risk and increase the speed of tradeprocessing, said Robin Reinfeld, v.p. The automation willextend to trades across asset classes and to cross-bordertrades. The automation of trade processing will becompleted later this year. The company is usingSmartstream’s TLM Trade Process Manager to make theenhancements, which should result in fewer areas ofmanual intervention. Last year, the company fullyautomated exceptions processing for domestic trades (OM,9/15). The greatest payback will result from reducingmanual effort and costs, said John Banken, senior v.p. atWells Fargo. He declined to specify the number of global
trades involved or the estimated cost savings.Wells Fargo has also introduced a front-end Web-based
portal that is integrated into its workflow engine. Using thenew functionality, clients can collapse multiple trades into asingle file. The portal allows investment managers todirectly submit trade orders and ensures greater compliancewith industry standards such as SWIFT, said Banken. TheWeb-based portal will further reduce clients’ reliance onsending orders via fax. “Our goal at Wells Fargo is toeliminate all faxes,” Reinfeld said. “The client is goingthrough a portal or industry standard, reducing the risk oftrade failure.” Wells Fargo has $345 billion in assets underadministration and $167.8 billion in assets undermanagement. —Elizabeth LeBras
WELLS FARGO AUTOMATES EXCEPTION PROCESSING FOR GLOBAL BIZ