Wells Fargo to integrate AI into trade finance operations with TradeSun
US “Big Four” bank Wells Fargo has opted to leverage the TradeSun AI platform to digitise and optimise its trade finance and compliance processes.
Wells Fargo taps TradeSun for AI tech
With approximately $1.9 trillion in assets, the San Francisco-based bank will utilise the fintech’s TradeSun Intelligence V4 solution to mitigate risks in its trade finance operations, while also applying its AI technology to harvest, verify and classify unstructured data to the benefit of its compliance and document validation requirements.
Cesar Gonzalez, head of commercial banking operations at Wells Fargo, claims “significant progress” has been made in digitising its trade finance and receivables processes thus far, and that the new partnership with TradeSun “gives us the digitisation and automation tools to strengthen our risk framework”.
Adding to this, Kiran Vuppu, head of Wells Fargo’s commercial banking client insights and commercial lending product management group, says the bank is currently engaged in streamlining its product provision “across all channels”, and that its use of AI technology through TradeSun forms “a key part of that strategy”.
Its efforts to right-size the running of its operations alongside its group-wide product remit are best noted through its increased uptake in digital solutions in recent years.
This includes the delivery of its Fargo virtual assistant through a partnership with Google Cloud in 2022, and the launch of its Vantage digital business banking platform – which also makes use of AI technology – during the same year. These examples were succeeded by the launch of LifeSync, Wells Fargo’s financial planning platform, in February last year.
