BB&T partners Wausau to provide integrated image lockbox system
07 December 2004 | 635 views | 0
Source: BB&T Corporation
BB&T Corporation (NYSE: BBT) today said it has partnered with Wausau Financial Systems to update and enhance BB&T's receivables management solutions for its wholesale, "wholetail" and retail lockbox clients.
With ImageRPS, BB&T will be one of only a few treasury services providers in the country to use a single platform that will support both consumer and corporate payments.
A growing number of companies have receivables invoice documents that are a mix of traditional wholesale "invoice" payments and classic "check /OCR coupon" retail payments (also called wholetail payments). Image RPS relies on sophisticated image and payment processing technology and powerful software to provide advanced capabilities for payment processing.
Image RPS will enable BB&T's lockbox customers to retrieve intraday check images and associated remittance documents through an Internet-based image retrieval system. It will offer clients significant administrative and research efficiencies in managing receivables with their trading partners.
"Our selection of Wausau's ImageRPS demonstrates BB&T's commitment to listen to the customer and implement service-driven solutions," said F. Abbott Whitney Jr., executive vice president and head of Treasury Services at BB&T. "As a result, accelerated cash collections, timely notification of receivables data, and easy access to images and data are at the core of BB&T's Lockbox Service."
ImageRPS also will enhance BB&T's reputation as a consistent provider of high quality remittance processing services.
"BB&T is excited about taking our lockbox solution to a level unsurpassed by our competitors," said Karen Lloyd, senior vice president and head of BB&T's Treasury Services Operations. "Wausau's superior lockbox solution coupled with the highest quality in the industry is a force multiplier we can't wait to extend to our client base."