1. In a large mixing bowl or stand mixer with the whisk attachment, add Sweetened Condensed Milk and cold water and beat for 1-2 minutes on medium speed until well combined. Add the vanilla pudding mix and beat for another 2 minutes or until completely dissolved and smooth. Cover and refrigerate for a minimum of 2 hours or overnight to set.
2. Once the pudding has set, add heavy cream and vanilla bean paste/extract into a separate large mixing bowl with a hand mixer or stand mixer with the whisk attachment and beat on medium speed for approximately 3 minutes or until stiff peaks form.
3. Fold the whipped cream into the pudding mixture until well combined.
4. To assemble, use a trifle bowl and begin layering ⅓ of the Nilla wafers, ⅓ of the bananas, ⅓ of the strawberries, and ⅓ of the pudding mixture. Repeat this process two more times then cover with plastic wrap and refrigerate for 4-6 hours. Once ready to serve, garnish with additional crumbled wafers and fresh banana and strawberry slices. You can also layer these into individual serving bowls or glasses. Enjoy!