“Wachovia’s Web-image tool has the ability to reduce the number of payments delayed as exceptions by as much as 75 percent on a monthly basis; increase funds availability; cut paper storage; and has expedited customer service for our current customer,” said Chris Ward, senior vice president and business line manager for Payables and Receivables, Treasury Services, Wachovia.
Customer payments received with incomplete account information required for posting, deemed “exceptions” in the industry; typically represent 15-20 percent of items received in retail lockbox for all business customers. However, with Wachovia’s new technology, businesses can now accept, decline or add posting information as part of their intraday online review process. Without the tool, exceptions are manually rejected and sent back to businesses for their review and research, a process that can take days until posting and deposit are complete.
“Quantifiable benefits like these are why multiple customers are queuing up to implement this solution,” Ward added. “The time-sensitive nature of payments today requires innovative solutions to sustain competitive advantage.”
This Web-based image technology, developed in cooperation with Wachovia strategic ally REMITCO and some of Wachovia’s largest clients, also provides long-term archive access for all transactions and daily remittance reports, as well as views of customer correspondence and change of address information that often accompany customer payments.
As part of Wachovia's Corporate and Investment Bank, Wachovia's Treasury Services Division offers a comprehensive suite of integrated payables and receivables solutions, including electronic check conversion, accounts receivable conversion, a full range of ACH services, image technology, a national wholesale and retail lockbox network and international treasury solutions. In recent Phoenix Hecht surveys, 22 out of 23 of Wachovia's treasury services product categories were ranked "A" or "A+" by upper-middle customers and 21 out of 23 of Wachovia's treasury services product categories were ranked "A" or "A+" by large corporate customers. In the middle market survey, 21 out of 26 product categories were ranked "A" or "A+" by those surveyed. Additionally, nine of the bank's key treasury product capabilities are ranked in the top five for market share in Ernst & Young's 2005 survey. Wachovia's Information and Access product, Wachovia Connection(r), ranked first in that survey for the highest number of Information Reporting Internet Accounts. Also, the most recent Bank Leader Survey placed Wachovia's Treasury Services Number 1 for "Quality of Cash Management Specialists" and Number 2 for "Operational Quality" and "Quality/Timely Implementations."
Email This Page
Printer Friendly Version