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Wells Fargo & Company (NYSE:WFC) shares are trading higher on Tuesday. The company launched specialized Application Programming Interfaces (APIs) for its Commercial Banking clients, expanding its API portfolio.
These APIs offer real-time data access aimed at boosting sales, improving liquidity, reducing credit risk, and cutting expenses for floorplan and channel finance clients across several industries.
Wells Fargo’s API platform allows manufacturers, distributors, and dealers to seamlessly connect through their preferred systems. Automatic updates flow between trading partners, eliminating the need for manual data entry or file transfers, providing clients with instant access to crucial business insights.
Daniel Pfeiffer, head of Wells Fargo Global Receivables, Trade, and Inventory Finance, said, “By expanding our API technology, we took a step forward in taking out the complexity of navigating various systems allowing clients to embed the functionality they need to manage their inventory and processes in their system of choice.”
Reetika Grewal, Wells Fargo’s head of Digital for Commercial Banking and Corporate & Investment Banking stated, “This expansion of our portfolio will allow our clients to be even more connected to the platforms they are using and ensure they have an end-to-end view that can streamline their business operations and provide information at a faster speed.”
This month, the U.S. Office of the Comptroller of the Currency (OCC) entered into a formal agreement with the company as related to its anti-money laundering (AML) and sanctions risk management practices.
Investors can gain access to the stock via First Trust Nasdaq Bank ETF (NASDAQ:FTXO) and Invesco KBW Bank ETF (NASDAQ:KBWB).
Price Action: WFC shares are up 2.26% at $55.01 at the last check Tuesday.
Image via Shutterstock
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