U.S. Bank has launched VantagePoint, a comprehensive online receivables management tool that integrates multiple payment types into a single portal to help clients solve many long standing challenges associated with exception management, cash application and reporting.
Developed in house, VantagePoint is delivered via the bank’s SinglePoint treasury management platform.
Designed for businesses across all industries, VantagePoint creates a centralized interface for companies to manage incoming payments and associated remittance data. VantagePoint introduces advanced tools such as business rules, workflow and data enrichment capabilities to automate manual processes required to manage payment exceptions and reporting. VantagePoint allows businesses to define what constitutes an exception across multiple payment types, and if the exception cannot be resolved automatically, the item can be routed for further review.
Milwaukee-based commercial food and beverage equipment manufacturer Perlick Corporation is among the first companies to use VantagePoint and has found that it saves a significant amount of time in reconciling their account receivables.
“Our company has experienced tremendous growth over the last five years and we were looking for a receivables solution to help automate our received Automated Clearing House (ACH) transactions,” said Ang Curro, credit & collections manager at Perlick Corporation. “Our process for reconciling was difficult because we were forced to manually integrate data from multiple sources and key that information into our account receivables reports. Now with VantagePoint, data and images are consolidated in one system and reporting is easier, more accurate and is a time savings for our staff.”
One of the key challenges identified by clients is the difficulty encountered when receiving electronic payments. Remittance information is often received separately via fax, email or even U.S. Mail, requiring manual intervention to research the transaction to determine how to appropriately apply the payment. VantagePoint helps solve these challenges by marrying the payment transaction with the correct remittance data to consolidate and automate the cash application.
“U.S. Bank is committed to continued investment in receivables capabilities and technology to improve our client experience,” said Rich Erario, head of U.S. Bank Global Treasury Management. “The bank conducts in-depth process reviews with businesses and hosts focus groups on a regular basis to fully understand their most pressing business challenges. VantagePoint is a direct result of those conversations. By streamlining the receivables management process and improving data reporting, VantagePoint makes it easier for our clients to make informed business decisions.