Mellon Global Cash Management (GCM) today announced that it will upgrade its nationwide wholesale lockbox platform with rich, new-generation solutions designed to significantly increase customer capabilities, accelerate remittance processing and enhance worker productivity.
The rollout is scheduled to begin this summer in the Pittsburgh lockbox site and extend to the Chicago site in the fall, with subsequent rollouts to Mellon GCM's other five sites in Atlanta, Boston, Dallas, Los Angeles and Philadelphia.
When complete, Mellon will remain one of the few major lockbox providers to offer a single platform solution for its entire customer base, striving to ensure the delivery of consistent processing and customer functionality across all sites that a client may use.
Mellon GCM has chosen integraPAY® from DMP (Data Management Products, Inc.) as the foundation of its new wholesale lockbox platform. The system's open architecture will allow for the continued integration of new services and future enhancements to meet the evolving needs of both Mellon GCM's own diverse client base, as well as the financial institutions that private label Mellon GCM treasury services for their own business customers through Enterprise Cash Management.
"We are proud of our recognition as a provider that offers the best total solution to a company's cash management needs," said Robert W. Stasik, executive vice president and head of Mellon GCM, a treasury services business of Mellon Financial Corporation. "This significant investment in a new wholesale lockbox platform results in a wider range of product and service offerings for our customers and those of our private-label clients as well. Through the application of the latest technology, the new platform will assist in maintaining our internal costs, while placing Mellon GCM on the leading edge in terms of wholesale lockbox processing, information capture and timely delivery of information."
Core functions of the new platform will allow Mellon to streamline the processing workflow and enhance quality throughout the entire lockbox network. For example, using the platform's courtesy amount recognition (CAR) and legal amount recognition (LAR) functions, Mellon's improved processing is expected to enhance its ability to meet future growth, while managing customer transactions in a timely and accurate manner. Likewise, through the DMP Turbo Data Entry product, Mellon plans to expand the use of intelligent character recognition (ICR) capabilities throughout its entire lockbox network in order to continue to meet the strong demand for outsourced data entry.
Access to components of the DMP platform will help Mellon GCM's wholesale lockbox customers attain numerous benefits, including:
- Significantly enhanced image capabilities - Among the enhancements are robust search capacity, the ability to display multiple images simultaneously to facilitate research, bulk image download capability and advanced indexing features.
- Accelerated event notification - Through DMP's Customer Event and Notification Delivery System (CENDS), customers can automatically request real-time events and alerts in advance and the upgraded system can deliver extracts, images and data over multiple channels (such as fax, e-mail, e-mail pagers and the Internet).