SimCorp has announced that Wells Fargo Bank, a subsidiary of Wells Fargo & Co, which is the fourth largest financial services company in the United States by assets, has extended its usage of SimCorp Dimension. With Wells Fargo & Co’s acquisition of Wachovia Corporation in 2008, Wells Fargo was already benefitting from the installation of SimCorp Dimension that had been used by Wachovia Bank N.A. After a thorough selection process, SimCorp Dimension was chosen to be the future system for the combined entities.
Wells Fargo will utilise SimCorp Dimension for its accounting and back office operations for its US mortgage backed portfolios and will consolidate multiple systems onto SimCorp Dimension.
“SimCorp prides itself on its ability to exceed client expectations,” said David Kubersky, head of SimCorp’s North American operations. “We are very pleased to expand our relationship with Wells Fargo.”