Source: Wachovia Treasury Services
Wachovia Treasury Services has successfully implemented a new online retail lockbox imaging tool that speeds up the remittance process by allowing businesses to manage payment exceptions on a same-day basis.
The solution has been effectively utilized by a pilot customer and is now available to all clients.
"Wachovia's Web-image tool has the ability to reduce the number of payments delayed as exceptions by as much as 75 percent on a monthly basis; increase funds availability; cut paper storage; and has expedited customer service for our current customer," said Chris Ward, senior vice president and business line manager for Payables and Receivables, Treasury Services, Wachovia.
Customer payments received with incomplete account information required for posting, deemed "exceptions" in the industry; typically represent 15-20 percent of items received in retail lockbox for all business customers. However, with Wachovia's new technology, businesses can now accept, decline or add posting information as part of their intraday online review process. Without the tool, exceptions are manually rejected and sent back to businesses for their review and research, a process that can take days until posting and deposit are complete.
"Quantifiable benefits like these are why multiple customers are queuing up to implement this solution," Ward added. "The time-sensitive nature of payments today requires innovative solutions to sustain competitive advantage."
This Web-based image technology, developed in cooperation with Wachovia strategic ally REMITCO and some of Wachovia's largest clients, also provides long-term archive access for all transactions and daily remittance reports, as well as views of customer correspondence and change of address information that often accompany customer payments.