MINNEAPOLIS--(BUSINESS WIRE)--Oct. 1, 2009--
U.S. Bank is upgrading its wholesale lockbox technology platform to
create a national network of lockbox locations that will provide
consistent delivery of services to its wholesale customers. This new
image-based lockbox platform allows business and government customers to
more effectively bridge the gap between paper and electronic payments.
The new platform, Metavante’s RemitEnterprise, will be implemented at
nine U.S. Bank lockbox sites, including Chicago; Cincinnati; Denver; Los
Angeles; Milwaukee; Portland, Ore.; Seattle; St. Louis and St. Paul,
Once the implementation is complete, this new nationwide lockbox network
will allow U.S. Bank’s wholesale lockbox customers to take advantage of
having access to identical processing systems, no matter which network
locations they use.
Customers of all sites can also use a range of new electronic services
like online decisioning, which lets them view images of an exception
item and immediately determine whether to reject it or process it,
scannable lockbox processing, allowing users to accept in one lockbox
both wholesale remittances and retail-type remittances accompanied by
scannable coupons, split deposits, allowing users to have one lockbox
but split individual deposits into separate accounts, and accounts
receivable matching, which provides automatic reconciling of receivables.
U.S. Bank remains focused on growing its core treasury management and
payments businesses in support of its business and government customer
base. U.S. Bank is investing in lockbox technology to create a
state-of-the-art lockbox product that can serve companies as they make
the gradual transition from paper to electronic payment processing.
“Our customers are telling us that wholesale lockbox is still an
important tool for enhancing cash flow and operating efficiency, and
we’ve built our products directly around that feedback from customers,”
said Les Young, vice president and lockbox team lead at U.S. Bank.
“While it’s true that electronic payments are on the rise, the reality
is that paper checks continue to dominate business-to-business payments.
That’s why we’re investing in this technology to truly give our
wholesale lockbox customers the best of both worlds – a way to manage
the millions of paper payments they still receive, while also allowing
them to take advantage of the many benefits of electronic payments, like
faster processing and easier access to information about receivables.”
“With the implementation of RemitEnterprise, we’ll be able to provide
our customers with a high-quality national network of wholesale lockbox
sites that will give them an even higher caliber of service than ever,”
added Young. “Our customers have always been pleased with our dedicated
customer service department located within each of our lockbox sites,
and this new platform will be an extension of that focus on excellent
U.S. Bancorp (NYSE:USB), with $266 billion in assets, is the parent
company of U.S. Bank, the 6th largest commercial bank in the United
States. The company operates 2,850 banking offices and 5,173 ATMs in 24
states, 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 usbank.com.
Source: U.S. Bank
Jennifer Wendt, 612-303-0731