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- There are many services offered by the many banks around the world.
However, some banks offer services that may be better for its customers.
Cash management services are the departments of banks dedicated to
treasury management, covering trading through bonds, and money that can
include all currencies and risk management.
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One bank that offers many cash management services is Wells Fargo Bank.
Wells Fargo offers accounts payable and accounts payable services
options. This option is able to streamline the processes, which makes it
much faster and more efficient for everyone. Plus, customers are able
to manage their expenses better. These expenses are managed through
services like “E-box” payment. This payment method is available for
anyone, like a business or company, to send one payment file of
electronic payments to many different payment processors and/or billers
(Wells Fargo, 2011).
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- The process solutions Wells Fargo offers helps to reduce staff hours
by automatically matching purchase orders and invoices with the vendors
they are from. This reduces hours because the employees will not have to
take the time to match these files, making the process much more
streamlined with the software that does this for them.
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- Another important part of Wells Fargo’s cash management services is
risk management. Every company must pay close attention to possible
fraud, and with Wells Fargo, businesses are safer when it comes to their
bank accounts. Wells Fargo is able to and will identify possible
fraudulent transactions prior to them posting to the account, which
makes it a much better and efficient way for the bank and its customers
to fight fraud (Wells Fargo, 2011).
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