Today at the Association of Financial Professionals (AFP) Annual Conference, WAUSAU Financial Systems (Booth #831) announced its Paperless Treasury solution, which dramatically transforms the customer’s treasury management experience.
Treasury management has traditionally been one of the most paper-intensive processes in any bank. And that paper generation has started from the very first customer and sales interactions. In the past when dealing with new customers, Treasury sales staff would need to prepare, print and carry all the documents they might potentially need to close deals to their customer or prospects’ offices. This was not only time consuming, but also wasteful, as some of these documents typically would go unused.
Now with WAUSAU’s Paperless Treasury solution, business can be closed on an iPad, eliminating wasted time, printing and paper-pushing. Treasury sales executives can carry all of the paperwork they need electronically on the iPad to initiate orders and conduct the signing process at the customer’s office. With e-Signature technology, the WAUSAU application captures a secure bio-metric signature and can automatically apply it to all relevant documents. The signed documents then can be transmitted wirelessly back to the bank’s office for processing. Built-in workflow management distributes the document, and processing can begin before the sales representative even steps back into their office.
This new approach dramatically expedites customer on-boarding and order initiation, completing in four hours or less the tasks for which today’s paper-reliant processes require two to four days. The offering also reduces costs, increases customer satisfaction and provides financial institutions a secure, efficient, cost-effective and environmentally healthy answer to treasury needs. Combined with WAUSAU’s paperless branch offering and packaged as Paperless Bank, Paperless Treasury eliminates cumbersome paper trails and mitigates risks by capturing treasury documents through electronic means and automatically routing them to operational department personnel. This removes filing, scanning and document-management issues from the process, allowing for more face time with customers and prospects and providing greater opportunities to drive business.
“The promise of a paperless treasury solution offering allows financial institutions, like us, to enhance the business customer’s experience by improving operational efficiencies related to treasury order fulfillment and expediting response time to inquiries surrounding documents or data,” said Jim Brockett, CIO for Washington Trust Bank, the oldest and largest privately-owned commercial bank in the Pacific Northwest with more than 40 financial centers.
WAUSAU’s Paperless Treasury extension consolidates treasury document management into a singular electronic process, removing paper from sales and implementation processes and reducing unnecessary costs associated with today’s paper-laden practices. Powered in part by an e-Signature and workflow solution, WAUSAU’s Paperless Treasury:
- Enhances the customer experience and provides a “wow” factor for the customer.
- Speeds order fulfillment and revenue – through quicker routing of documents – including master agreements, individual service agreements, implementation forms and ACH risk forms – through a digital, not manual process.
- Reduces and virtually eliminates the misfiling or loss of documents while improving access to archived documents and reducing multiple trips from desk to copiers, printers and fax machines. Documents then are automatically routed to the correct operational departments for set up of services, ensuring that all parts of a service are set up correctly and by the promised implementation date.
- Indexes documents automatically, a process involving no keying, therefore reducing errors and the need for physical storage, expediting documentation tracking and automating the audit process.
- Reduces fraud and increases customer privacy and security with digital documentation and electronic signature capture, guaranteeing authenticity and increasing compliance with governmental standards and audit processes.
WAUSAU’s extension into treasury management builds on its already proven Paperless Bank solution, renowned for driving significant return on investment for financial institutions. Financial institutions now have the ability to digitize documents from all areas of the bank, including teller line, new accounts, customer service, loan origination, treasury services and human resources, virtually eliminating paper from each bank area while improving workflow.
“The paper trail that both financial institutions and corporations are leaving in their wakes is cause for concern from a security, efficiency and cost-related standpoint, and delays processes and response time to customer inquiries,” said Gary Cawthorne, President of WAUSAU Financial Systems. “WAUSAU’s extension of its paperless solution to now cover treasury management provides a win-win situation for both financial institutions and for the corporations that benefit from better customer interaction, a lowered risk of fraud and a decreased paper trail.”
For more information on WAUSAU’s products and services, visit www.wausaufs.com.
About WAUSAU Financial Systems
WAUSAU Financial Systems is a premier provider of payment and receivables processing solutions, helping businesses of all types move money faster. With its products, services and consulting, WAUSAU works with customers to speed check processing, electronic presentment, ACH payments, transaction processing, distributed capture and enterprise content management. WAUSAU holds the No. 1 market share position in retail and wholesale remittance processing solutions. WAUSAU processes more than $1 trillion in payments each year through its work with more than 650 organizations, and maintains more than 30 percent of all U.S. lockbox volume. The company works with 13 of the 25 largest financial institutions, 42 percent of insurance companies with more than 5 million customers and 24 percent of utilities with more than 100,000 customers. More than 200 financial institutions use WAUSAU’s remote deposit capture service, and industry consultants Celent and Aite have ranked WAUSAU’s remote capture functionality above all competitors. For more information, visit www.wausaufs.com.