MOSINEE, Wis., May 10, 2010 /PRNewswire via COMTEX/ -- According to research from Aite Group, 60 percent of corporations aren't fully satisfied with their receivables and payments application processes and would rather have the process managed by a financial institution. In response to this demand and the financial industry's need for a better solution to serve its corporate customers, WAUSAU Financial Systems (WFS) today announced the launch of ReceivableWorks(TM), an integrated receivables hub that handles all forms of payment on a single platform.
The receivables hub is based on WAUSAU's market-leading remittance platform that currently manages nearly 40 percent of the entire remittance market.
ReceivableWorks(TM) is designed to simplify a corporation's overall payments architecture by reducing capture time, improving the handling of exception items and monitoring workflow in real time, all while automating, aggregating and accelerating the entire receivables cycle.
"This solution is another proof point to how WAUSAU Financial Systems is working to aggregate, automate and accelerate the entire receivables process," said Kathy Strasser, executive vice president of Solution Management. "In fact, ReceivableWorks(TM) gives financial institutions an advantage over their competitors and empowers them as consultative partners to their corporate customers." The ReceivableWorks(TM) hub aggregates payment information, images and data from multiple payment channels, such as lockbox, wire transfers, ACH and cards.
WAUSAU has developed an extensive library of more than 1500 interfaces into card processing systems, billing systems, and clearing and settlement organizations.
This library simplifies adding new and emerging payment channels and types as corporate customers demand them.
The hub then automates and streamlines the essential aspect of receivables processing from collecting, posting, and clearing to archiving. The solution enables financial institutions to apply consistent processes and business rules across payment channels - monitoring workflow in real-time, automating exception handling, improving fraud detection, ensuring regulatory compliance and linking remittance data to payments. The result is a reduction in redundant manual processes and their associated management costs as well as expedited audit time.
Finally, ReceivableWorks(TM) outputs one uniform data stream to accelerate the application of cash and provide near real-time visibility into daily payment status across payment types. The solution helps reduce days sales outstanding (DSO) through straight-thru processing and the elimination of stove-pipe, labor intensive reporting processes for each payment channel. The analytic toolkit bundled into the hub provides trend analysis to help banks and their customers make strategic decisions about daily investible cash. Having the ability to view payment information in real-time allows financial institutions to improve customer satisfaction and on-board new customers faster.
"By automating the critical aspects of receivables processing from clearing, posting, collecting and archiving now financial institutions have the ability to process more efficiently and effectively while growing deposits and entering into lush vertical markets such as property management and healthcare," continued Strasser. "We're committed to delivering a full cycle of payments integration and will continue to expand our capabilities via new developments and strategic partnerships such as our recent agreement with Striata for electronic bill presentment and payment." The ReceivableWorks(TM) solution can be deployed in a short period of time.
Through a flexible delivery method, the solution can be offered as in-house, outsourced or co-sourced, giving banks that move quickly a significant advantage over others that are limited by funding or execution constraints. In addition, ReceivableWorks(TM) also offers a flexible user interface via a secure web-based portal.
"As payments channels and payments types proliferate, the challenges faced by receivables and treasury managers grow. Quick collection and application of cash are even more critical to companies since credit tightened in the recession.
Banks can provide valuable services to streamline payments processing and the application of cash for their corporate clients through solutions like ReceivableWorks(TM), which builds stronger bank-client relationships and creates revenue opportunities for banks through value-added services," according to Nancy Atkinson, senior analyst at Aite Group.
The ReceivableWorks(TM) solution builds on WAUSAU's history of receivables innovation. A recognized leader in remittance processing, WAUSAU holds the number one market share position in retail and wholesale remittance processing solutions. WAUSAU continues to dominate Accounts Receivable Conversion (ARC) as well, annually processing more than 30 percent of all ARC transactions.
WAUSAU will be unveiling the solution at FUSION 2010 May 9 through 13 in Grapevine, TX, where the company has four speaking roles on topics ranging from payments processing benchmarks and trends in health care payments.
About WAUSAU Financial Systems: WAUSAU Financial Systems is a premier provider of payment and receivables processing solutions, helping businesses of all types move money faster. With its products, services and consulting, WFS works with customers to speed check processing, electronic presentment, ACH payments, transaction processing, distributed capture and enterprise content management. WFS holds the No. 1 market share position in retail and wholesale remittance processing solutions.
WFS processes more than $1 trillion in payments each year through its work with more than 650 organizations, and maintains more than 30 percent of all U.S.
lockbox volume. The company works with 13 of the 25 largest financial institutions, 42 percent of insurance companies with more than 5 million customers and 24 percent of utilities with more than 100,000 customers. More than 200 financial institutions use WFS' remote deposit capture service, and industry consultants Celent and Aite have ranked WFS' remote capture functionality above all competitors. For more information, visit www.wausaufs.com.
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