WAUSAU, the industry leader in distributed payment and document processing, announced today that City National Bank, California's Premier Private and Business Bank(R), has selected WAUSAU's DigitalDeposit solution to enhance its business banking offerings.
With assets totaling nearly $15 billion, Los Angeles-based City National will use WAUSAU's DigitalDeposit(TM) solution as the basis of its City National E-Deposit corporate cash management offering. This new service is intended to enhance cash management options for City National's business clients, enabling them to scan (capture) checks at remote and non-bank locations and electronically transmit that information to City National for deposit.
As commerce moves toward complete electronification of payments, WAUSAU's solution will allow City National's business clients to achieve a new level of efficiency and effectiveness. By enabling money to be moved electronically, the WAUSAU solution speeds cash flow and eliminates many of the costly steps associated with traditional business banking, including transportation and related labor costs.
"Remote Corporate Capture represents a new way for City National Bank and other financial institutions to deliver cash management services to clients. City National has a rich history of providing excellent client service, including adopting cutting-edge technology to provide enhanced cash management services for its clients," said Nancy Langer, President - Payment Solutions for WAUSAU. "We are pleased to have the opportunity to work with City National to develop an innovative payments solution to enhance the bank's business growth."