Source: Mellon Global Cash Management
Mellon Global Cash Management (GCM) has introduced an interactive, Web-based cash application exception management service as part of its Wholesale Lockbox solution.
It is designed to categorize and prioritize accounts receivable (AR) exception items; provide a faster, more efficient, economical and information-rich way to process receivables; and accelerate cash application of large-dollar transactions. The new solution combines Mellon GCM's receivables expertise with the Web-based, financial transaction workflow management tool of SourceNet Solutions, Mellon's finance and accounting services business.
"This unique product provides customers with access to innovative cash application exception management processing capabilities and efficiencies that were previously unavailable with traditional automated wholesale lockbox services," said Gregory J. Cicero, senior vice president and director of Mellon GCM.
For years, SourceNet has been using Internet technology to help its customers streamline their payables process by allowing them to track payments, make decisions about questionable items, create reports and audit trails. "As our businesses collaborated, we realized that we could expand the capabilities of SourceNet's system to address those issues," Cicero added. "Just as SourceNet customers have been very satisfied with how Web-based technology has allowed them to improve their operations, we are confident Mellon GCM customers will have the same experience once they better understand the ease of use and measurable results an Internet-based cash application exception management service can offer."