Cole Taylor Bank implements AFS technology for lockbox image service
18 April 2006 | 2596 views | 0
Source: Cole Taylor Bank
Cole Taylor Bank now offers the latest in lockbox image services to its customers through a new in-house system that digitizes check and invoice images received in customer lockboxes.
Partnering with Advanced Financial Solutions (AFS), a Metavante Image Solutions company, Cole Taylor Bank has made a major technology investment in a state-of-the-art system that handles both check and lockbox processing.
"Our new system gives us the internal capacity and the ability to deliver online images of checks and invoices along with transaction data. We know that time does mean money to businesses and automated delivery is at the core of our financial services philosophy for all of our commercial banking customers," said Dan Stevens, Chief Financial Officer for Taylor Capital Group, the holding company for Cole Taylor Bank.
"Our lockbox customers won't have to change their internal processes to conform to a "cookie-cutter" receivables process. Cole Taylor Bank can provide a range of lockbox services to meet an individual customer's specific workflow and be responsive to their needs by having our own lockbox imaging system. This is a strong example of our brand promise to provide customized solutions to our commercial banking customers."
Based in Oklahoma, AFS is a well-respected name in the industry and a leader in this area of software development and products. "AFS ImageVision provides Cole Taylor Bank with an image-based platform designed for paper and electronic payments," said Gary Nelson, President, Metavante Image Solutions. "The exceptional scalability will accommodate their business growth and changing customer needs for years to come."
Cole Taylor will continue to offer boutique lockbox services such as keying in remitter information, sorting and providing documents in the format requested by clients. Dave Steinhoff, GSVP Servicing & Support for Cole Taylor Bank, noted that, "customers will continue to benefit from the cost-savings associated with lockbox service because money is directly deposited into their accounts. With the introduction of same day lockbox transactions and image delivery, they will also save on courier fees and reap the benefits of improved efficiency." Steinhoff added that, "apart from the obvious benefits to our clients, lockbox image service may also provide efficiencies to Cole Taylor Bank."
Future value of technology
"This investment in technology adds value for our customers and is foundational to our future at Cole Taylor Bank and Taylor Capital Group. It allows us the opportunity to leapfrog into other areas. In the coming year, we plan to leverage this technology for other electronic processing and image deliveries for our commercial banking customers. We will also be able