Electronics distributor moves money and merchandise faster with CEO portal
Mark Barron remembers what doing business was like before Wells Fargo introduced the Commercial Electronic Office® (CEO®) portal.
Barron, chief financial officer for the consumer electronics distributor ESI Enterprises, would get a call informing him that a shipment of merchandise, such as television sets, had been loaded onto a truck. To release the merchandise, ESI needed to wire a payment to the vendor immediately. ESI would call a Wells Fargo representative to send the wire, staying on the line until the transaction was completed. Typically, this happened several times a day.
In 2000, when Barron heard Wells Fargo was developing a service that would allow him to initiate wires online, he was eager to sign up.
On June 24, 2015, Wells Fargo celebrates the 15th anniversary of the CEO portal, the first secure, single sign-on online portal for commercial banking customers. Over the last 15 years, CEO has dramatically changed the way Wells Fargo customers like ESI do business.
"Before the CEO portal, everything was at a snail's pace compared to today," Barron says. "It has tremendously enabled us to be a more successful company, to move money and merchandise much faster than before."
The CEO portal has made it easy for ESI to send wires quickly, without spending hours calling the bank. The company also uses CEO to access services such as Treasury Information Reporting, ACH Fraud Filter, and Image Positive Pay. Barron says the CEO portal has helped ESI to grow by making it easy to monitor cash flow, manage exceptions, and send payments quickly.
Over the years, Wells Fargo has continually updated the CEO portal to meet customers' evolving needs. In 2007, Wells Fargo introduced the CEO Mobile® service, anticipating that customers would want to use mobile devices for business banking.
ESI was an early adopter of the CEO Mobile service. Previously, Barron had to wait at his desk until 2:30 p.m., the cutoff time for sending wires. Today, Barron appreciates that he can send or approve wires whether he's at his desk, eating lunch at a restaurant, walking around the block, or meeting a client. Occasionally, while driving to the office, Barron has pulled over to send an urgent wire with the CEO Mobile service.
"The business today has really progressed from being a manual business to everything happening at lightning speed," Barron says. "The CEO portal has been a huge success for our company, because we now have access to all of our banking needs in one place."