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Wells Fargo Picks TradeSun to Incorporate AI in Trade Finance

In this post:

  • Wells Fargo and TradeSun have announced an agreement to digitize the financial services of the bank.
  • TradeSun will integrate its TradeSun AI platform to digitize trade and compliance.
  • Wall Fargo is one of the big four US banks with $1.9 trillion in assets.

Wells Fargo, one of the big four US banks, has selected TradeSun to digitize its finance and compliance processes with its leading digitizing solutions using artificial intelligence and other technologies. This partnership will help in optimizing the time consuming manual processes, as TradeSun provides leading services globally for the banking industry.

A partnership to leverage AI

TradeSun’s new tech is to remodel how trade finance digitization is done, as it has developed new ways for capturing cognitive data and has taken document checking and compliance screening to a much higher level with its intelligent automation processes. Wells Fargo will get the benefit of automating manual processes with TradeSun’s AI solutions, which will free up time and resources for new business growth.

TradeSun founder and CEO, Nigel Hook, mentioning the Wells Fargo partnership, said,

“Through our voyage with Wells Fargo, we’ve learned how efficiently they operate. I am personally driven to ensure the TradeSun AI platform continues to accelerate their leadership in the market. At TradeSun, we are inspired by Wells Fargo’s decision to invest in this relationship. It is a powerful validation of TradeSun’s innovation in digitizing global trade finance.”

Source: businesswire.

Kiran Vuppu, head of Wells Fargo’s Commercial Banking Client Insights and also head of the Commercial Lending Product Management group, highlighted that their teams are using artificial intelligence to improve their clients’ experiences and that they are working with TradeSun on this same strategy. He also mentioned that Wells Fargo is designing and developing new products across all channels to serve their customers in a much more streamlined fashion.

Wells Fargo and TradeSun at a glance

Wells Fargo is one of the top financial services companies and one of the four big US banks based in San Francisco, with $1.9 trillion in assets in hand. According to Wells Fargo’s stats, they serve everyone in three households inside the US and also 10% of small businesses. Fortune’s 2023 rankings of America’s largest corporations ranked them at No. 47.

The services they offer are in sectors of investment and mortgage products and services, as well as consumer and commercial finance, and also a varied set of banking through their four operating arms. They include commercial banking, Commercial Banking, Corporate and investment banking, consumer banking and lending, and wealth and investment management. Wells Fargo’s head of the Commercial Banking Operations group, Cesar Gonzalez, said,

“Wells Fargo continues to make significant progress transforming our trade finance and receivables processes. Our agreement with TradeSun gives us the digitization and automation tools to strengthen our risk framework, deliver flawless execution, and provide a world class client experience.”

Source: businesswire.

Speaking of TradeSun, they also have a recognized name in the global trade sector. Their TradSsun Intelligence platform is used to digitize documents and to increase productivity by a huge margin, and it also provides real time compliance, risk management, and assessment for finance related crimes. Another product called Global Markets Explorer can absorb transaction data and supply chain information across different layers to help customers to control risk in their supply chains with replacements. TradeSun AI tech is improving compliance screening, enabling a sustainable trade and supply chain ecosystem for banks and financial corporations, and reducing processing costs.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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