Setpoint, a leading financial services provider, is pleased to establish a banking relationship with Wells Fargo which enables the cloud-based software company to expand its payment disbursement capabilities.
Setpoint will assume the crucial roles of Paying Agent and Calculation Agent for various clients, such as auto and real estate originators and lenders.
“We are pleased to continue to support Setpoint’s impressive momentum and their critical position within the technology and fintech ecosystems. Setpoint has a highly-scalable and proven fintech solution built around leading-edge technology, and robust data security and controls,” said Matt Servatius, Wells Fargo Technology Banking central market executive. “We applaud Setpoint for their innovation to streamline warehouse funding to help borrowers gain faster access to the capital they need.”
Setpoint’s tech-enabled service execution for asset-backed lending deals increases funding efficiency while reducing transaction risk. In its role as Third-Party Calculation Agent, Setpoint approves and certifies borrowing requests, monthly payments and/or investor reporting. In its role as Third-Party Paying Agent, Setpoint facilitates client payments via its technology platform by issuing payment instructions, as authorized by Setpoint’s clients, to banks where funds are held or are to be transferred. Setpoint does not take possession of, manage or control client funds.
“We have been incredibly impressed by the Wells Fargo team’s tech-forward vision and approach,” said Ben Rubenstein, Setpoint co-founder and president. “Accuracy, security, speed, and operational efficiency are shared principles, and we are excited to come together to use technology to save time and money for our shared clients.”