Source: Union Bank of California
Union Bank of California N.A. has announced the launch of a newly-enhanced wholesale lockbox web delivery platform that provides customers with more immediate payment information, including images of the payment documents.
"Union Bank is committed to delivering quality treasury management products that meet existing and future customer requirements for faster access to receivables information," said Alok Ahuja, senior vice president and head of product management and development.
With the new platform, business clients can have near real-time access to payment documents to improve cash flow by posting payments within hours of receipt, reducing "days-sales-outstanding" and speeding up the conversion of sales into cash.
"Our customers must perform in a highly competitive business environment and Union Bank understands its role in helping them realize their goals," said JoAnn Bourne, executive vice president of commercial deposits and treasury management.
The wholesale lockbox service provides images of payments and associated remittance information which is available online throughout the current business day. Real-time updates on customer payments, payment information from the previous business day and historical access to 180 business days of payment history are also provided.
Union Bank's wholesale lockbox service offers business clients a high-quality solution that can be customized to accommodate their needs. Clients instruct their customers to mail their remittances directly to the nearest lockbox location(s).
Union Bank collects the remittances daily at frequent intervals that are established to accelerate check clearing and same-day ledger credit of lockbox deposits. Union Bank has more than 50 years' experience in lockbox setup and a reputation of enhancements, such as the recent addition of national processing centers located in Chicago, Philadelphia, Boston, Atlanta, and Dallas.