U.S. Bank is upgrading its wholesale lockbox technology platform to create a national network of lockbox locations that will provide consistent delivery of services to its wholesale customers. This new image-based lockbox platform allows business and government customers to more effectively bridge the gap between paper and electronic payments.
The new platform, Metavante's RemitEnterprise, will be implemented at nine U.S. Bank lockbox sites, including Chicago; Cincinnati; Denver; Los Angeles; Milwaukee; Portland, Ore.; Seattle; St. Louis and St. Paul, Minn.
Once the implementation is complete, this new nationwide lockbox network will allow U.S. Bank's wholesale lockbox customers to take advantage of having access to identical processing systems, no matter which network locations they use.
Customers of all sites can also use a range of new electronic services like online decisioning, which lets them view images of an exception item and immediately determine whether to reject it or process it, scannable lockbox processing, allowing users to accept in one lockbox both wholesale remittances and retail-type remittances accompanied by scannable coupons, split deposits, allowing users to have one lockbox but split individual deposits into separate accounts, and accounts receivable matching, which provides automatic reconciling of receivables.
U.S. Bank remains focused on growing its core treasury management and payments businesses in support of its business and government customer base. U.S. Bank is investing in lockbox technology to create a state-of-the-art lockbox product that can serve companies as they make the gradual transition from paper to electronic payment processing.
"Our customers are telling us that wholesale lockbox is still an important tool for enhancing cash flow and operating efficiency, and we've built our products directly around that feedback from customers," said Les Young, vice president and lockbox team lead at U.S. Bank. "While it's true that electronic payments are on the rise, the reality is that paper checks continue to dominate business-to-business payments. That's why we're investing in this technology to truly give our wholesale lockbox customers the best of both worlds - a way to manage the millions of paper payments they still receive, while also allowing them to take advantage of the many benefits of electronic payments, like faster processing and easier access to information about receivables."
"With the implementation of RemitEnterprise, we'll be able to provide our customers with a high-quality national network of wholesale lockbox sites that will give them an even higher caliber of service than ever," added Young. "Our customers have always been pleased with our dedicated customer service department located within each of our lockbox sites, and this new platform will be an extension of that focus on excellent customer service."