Chicago First of Nine National Sites Offering Enhanced Services
CHICAGO--(BUSINESS WIRE)--Nov. 28, 2011--
U.S. Bank business and government customers will benefit from an
enhanced national wholesale lockbox technology platform that will be
rolled out at multiple sites within the bank’s footprint this year. U.S.
Bank’s wholesale lockbox service provides payment-processing services
for businesses and government agencies so they can collect both
commercial and consumer receivables. This new image-based platform
allows U.S. Bank customers to move towards electronic payment
processing, helping them save time and money.
U.S. Bank’s Chicago lockbox system was converted to the new platform,
FIS’ RemitEnterprise, in May 2011. The new technology is also being
implemented at eight other U.S. Bank lockbox sites this year:
Cincinnati, Denver, Los Angeles, Milwaukee, Portland, Seattle, St. Louis
and St. Paul, Minnesota.
“The system upgrade, with state-of-the-art technology, will provide
working capital benefits by improving efficiency throughout our
customers’ receivables cycle,” said Jeff Jones, executive vice president
of U.S. Bank Global Treasury Management. “This investment demonstrates
the strong focus and commitment by U.S. Bank to provide best-in-class
treasury management services to its customers.”
Customers at the upgraded lockbox sites can take advantage of new
electronic services including: Web Decisioning, which allows
customers to view images of an exception item (unprocessible item) and
decide whether to reject or process it; split deposits, so users
can have one lockbox, but distribute individual payments into separate
accounts; accounts receivable matching, to automatically
reconcile payments against outstanding invoices and further automate the
cash collection cycle.
In addition to the technological advantages provided by the new system,
U.S. Bank ensures excellent customer service by maintaining dedicated
Lockbox Customer Service Departments in each site to assist customers
with personalized, timely responses and resolution. U.S. Bank owns all
of its lockbox sites and processes all payments in the United States.
U.S. Bank and its legacy companies have been in the lockbox business for
more than 55 years.
U.S. Bancorp (NYSE: USB), with $330 billion in assets as of Sept. 30,
2011, is the parent company of U.S. Bank, the fifth-largest commercial
bank in the United States. The company operates 3,089 banking offices in
25 states and 5,092 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. U.S. Bancorp and its
employees are dedicated to improving the communities they serve, for
which the company earned the 2011 Spirit of America Award, the highest
honor bestowed on a company by United Way. Visit U.S. Bancorp on the web
Source: U.S. Bank
Amy Frantti, Public Relations, 612-303-0733