Outsourcing
How Outsourcing your Lockbox Works
WAUSAU Outsourcing options address critical challenges for both banks and corporations.
It's a critical time. Under pressure to cut costs and grow deposits, many banks can no longer afford to maintain large remittance operations or invest in penetrating new markets. Additionally, insurance companies, utilities and other corporations are under pressure to lower operating costs, increase daily investible cash, reduce payment float time and save time and money. Consequently, they provide tremendous deposit growth opportunities for financial institutions that offer remittance services.
Processing speed and efficiency
- Simplified exception processing, through complex edits, processing rules, look-ups, historical data matching and online decisioning tools.
- 100% of paper converted to electronic payment via ARC or Image Cash Letter (ICL)
- Same-day processing — including exceptions.
- Significant reduction in labor costs associated with payments processing.
Comprehensive collections
- Check, invoice and coupon captured at remote sites.
- All payment types, from all channels: electronic, mobile and ACH.
Optimized workflow and IT
- Your workflow optimized by WAUSAU payment specialists to minimize and normalize exceptions.
- Easy integration into your AR system.
- State-of-the-art image-based technology.
- Minimal, if any, bank IT infrastructure required.
Flexibility and ease
- Bank agnostic clearing.
- Both retail and wholesale lockbox, with flexible delivery methods.
- Increased customer satisfaction, through instant access to payment records with our online archive solution.
Better archive and compliance
- Full business continuity processes
- PCI compliance
- SAS-70 reviews
- Seven-year image archive with Web access