MINNEAPOLIS--(BUSINESS WIRE)--May 16, 2007--U.S. Bank Treasury
Management is now offering three new services designed to accelerate
the processing and deposit of retail lockbox exception payments, such
as payments received without a remittance coupon. These services allow
businesses to save time, improve efficiency and have quicker access to
funds, streamlining the cumbersome review process inherent with
exception payments. U.S. Bank's three newest exception-handling
products are MICR Database Matching, Perfect Payment and Web
Exceptions -- each with a unique approach to helping businesses
address their particular lockbox exception-handling needs.
"At U.S. Bank, we know it's important to our retail lockbox
customers to deliver superior service for their clients, and to ensure
that payments are credited promptly and accurately," said Mary Lux,
retail lockbox product manager at U.S. Bank. "Our full range of
processing options enables them to tackle those exception challenges
without any headaches."
MICR Database Matching takes advantage of payment history for a
customer's lockbox. When a payment is received without a remittance
coupon, the U.S. Bank Retail Lockbox system reviews the payment to
determine if the same check has consistently paid the same account. If
so, the payment is automatically matched to the prior payment account
information and credited to the appropriate account.
Using the Perfect Payment service, businesses transmit a database
file of their client information to U.S. Bank. When a check is
received without a remittance coupon, U.S. Bank lockbox personnel
search the database to locate the client and match the payment to the
correct account information.
U.S. Bank Retail Lockbox Web Exceptions is a Web-based tool that
allows retail lockbox customers to view images of their exception
payments via U.S. Bank's Image Look imaging software. Customers can
review their exception payments online throughout the day and decide
how each one should be handled.
"We've been using U.S. Bank Lockbox Web Exceptions to handle our
lockbox exception payments, and we've found that it has dramatically
cut the amount of time and effort we spend handling exceptions," said
Tim Dwyer, assistant treasurer at Nationwide Insurance. "Not only
that, it also helps us ensure that those exception payments are posted
in a timely manner, which is extremely important to us and to our
U.S. Bank is a nationally recognized provider of lockbox services,
processing more than 200 million retail lockbox payments per year. The
company's lockbox network includes processing sites in Cincinnati, Los
Angeles, Milwaukee, Seattle and St. Louis.
U.S. Bancorp (NYSE:USB), with $221 billion in assets, is the
parent company of U.S. Bank, the 6th largest commercial bank in the
United States. The company operates 2,498 banking offices and 4,837
ATMs, and provides a comprehensive line of banking, brokerage,
insurance, investment, mortgage, trust and payment services products
to consumers, businesses and institutions. Visit U.S. Bancorp on the
web at www.usbank.com.
CONTACT: U.S. Bank
Jennifer Wendt, 612-303-0731
SOURCE: U.S. Bank