Wells Fargo presented specialized application programming interfaces (APIs) designed for clients of this financial institution who belong to the category of consumers of commercial banking services.
The new APIs provide the mentioned lender’s customers with real-time information on demand. As part of this solution, consumers will be able to effectively and seamlessly manage supply chains, inventory, and payments. The corresponding statement from Daniel Pfeiffer, Wells Fargo’s head of receivables, trade, and inventory finance, is contained in the press release of the bank, which was published last Tuesday, September 17.
Daniel Pfeiffer says that by expanding the API technology, the financial institution has made a step forward in terms of simplifying navigation through various systems. According to him, in this case, customers can embed the functionality necessary to manage inventory and processes into their chosen system.
The financial institution’s press release clarifies that APIs are software apps that simplify and carry out a set of rules or commands, created by the owner, and connect digital worlds by offering a secure way to exchange data, features, and functionality. The bank also notes that APIs interact with each other to ensure the security and safety of money transfer transactions.
The financial institution’s press release notes that the expansion provides customers immediate access to real-time data. The bank underlined that these solutions can potentially increase liquidity, boost sales, decline expenses for customers in so-called floorplans, reduce credit risk, and raise financing in sectors such as equipment and technology, automotive, outdoor products, and consumer electronics.
As we have reported earlier, Wells Fargo CEO Says About Significant Investment-Bank Opportunity.
