MAY 3, 2004 VOL. X, NO. 18 WELLS FARGO AUTOMATES …/media/Files/www/NewsEvents/InThePres… ·...
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MAY 3, 2004 VOL. X, NO. 18 Reprinted with permission of Operations Management Wells Fargo Institutional Investment is automating trade and exception processing for its global business to reduce the amount of risk and increase the speed of trade processing, said Robin Reinfeld, v.p. The automation will extend to trades across asset classes and to cross-border trades. The automation of trade processing will be completed later this year. The company is using Smartstream’s TLM Trade Process Manager to make the enhancements, which should result in fewer areas of manual intervention. Last year, the company fully automated exceptions processing for domestic trades (OM, 9/15). The greatest payback will result from reducing manual effort and costs, said John Banken, senior v.p. at Wells 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 the new functionality, clients can collapse multiple trades into a single file. The portal allows investment managers to directly submit trade orders and ensures greater compliance with industry standards such as SWIFT, said Banken. The Web-based portal will further reduce clients’ reliance on sending orders via fax. “Our goal at Wells Fargo is to eliminate all faxes,” Reinfeld said. “The client is going through a portal or industry standard, reducing the risk of trade failure.” Wells Fargo has $345 billion in assets under administration and $167.8 billion in assets under management. —Elizabeth LeBras WELLS FARGO AUTOMATES EXCEPTION PROCESSING FOR GLOBAL BIZ
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
