LOS ANGELES--(BUSINESS WIRE)--Dec. 2, 2004--U.S. Bank has opened a
state-of-the-art, national retail lockbox site in Los Angeles to
process payments and receivables information for national and regional
corporate customers. U.S. Bank is one of only a few banks nationwide
to fully operate a retail lockbox in-house and the investment in this
facility in Los Angeles demonstrates the strong focus and commitment
by U.S. Bank to provide best-in-class treasury management services to
its customers and to support the California market.
The new site is one of four national retail lockbox facilities
that U.S. Bank operates, with the other locations in Cincinnati, St.
Louis and Milwaukee. Each of these sites provides enhanced exception
payment processing and imaging services, increasing the percentage of
payments that post accurately to accounts receivable and the tools
available for superior customer service. U.S. Bank also operates
twelve regional lockbox facilities that provide payment-processing
services for companies collecting both consumer and commercial
receivables.
The Los Angeles facility will offer customers the latest payment
processing technology, which includes the Accounts Receivable
Conversion (ARC) capability, also known as U.S. Bank Retail Lockbox
Electronic Deposit. This service automatically converts eligible
payments made by check into an electronic ACH debit. These
transactions enable the company to receive credit for payments faster
while expediting returned items.
U.S. Bank Retail Lockbox Electronic Deposit complements other
check conversion services that U.S. Bank offers business customers,
including U.S. Bank Cash Letter Electronic Deposit and U.S. Bank
On-Site Electronic Deposit. Both Cash Letter and On-Site Electronic
Deposit are new check electronification products offered to business
customers for back office processing solutions. These three image
deposit products are designed to leverage the advantages of Check 21
legislation with leading edge check imaging and ACH check conversion
technology, whether processed at the customer site or through a U.S.
Bank Retail Lockbox location.
"The addition of the new Los Angeles site is part of U.S. Bank's
commitment to offer our business customers innovative products and
services as the industry shifts to check electronification for faster,
safer and more efficient payment processing," said Jeff Jones,
executive vice president of U.S. Bank Treasury Management Services.
The facility is equipped to handle clients with millions of
customers as well as those with a customer base in the thousands. In
planning for significant growth, U.S. Bank will have the capacity to
easily expand as new business is acquired. U.S. Bank and its legacy
companies have been in the lockbox business for more than 50 years,
and it is one of few banks nationwide that continues to process
consumer payments in-house versus outsourcing its lockbox operations.
U.S. Bank has partnered with Wausau Financial Systems and OPEX
Corporation for its remittance processing solution.
U.S. Bancorp (NYSE:USB), with $193 billion in assets, is the 6th
largest financial services holding company in the United States. The
company operates 2,346 banking offices and 4,621 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. U.S. Bancorp is home of the
Five Star Service Guarantee in which the company pays customers if
certain key banking benefits and services are not met. U.S. Bancorp is
the parent company of U.S. Bank. Visit U.S. Bancorp on the web at
usbank.com.
CONTACT: U.S. Bank
Teri Charest, 612-303-0732
teri.charest@usbank.com
SOURCE: U.S. Bank
