September 26, 2012

NewDominion Bank, based in Charlotte with around $351 million in assets, announced that it has implemented Wausau Financial Systems' lockbox solution for its corporate customers.

Mosinee, Wis.-based Wausau Wholesale Lockbox solution is offered to financial institutions in a co-sourced, in-house or outsourced environment and acts as an extension of a corporate customer's accounts receivable system. The solution enables improved transaction accuracy and reduced item handling through a scalable architecture, according to Wausau.

“As a community bank in a saturated market, we differentiate ourselves by placing customers’ needs first," said Chris Block, senior vice president, treasury services manager, NewDominion Bank in a statement. "If there is a technology solution that would make their lives easier, we’ll research it. A prospective customer needed an affordable solution to improve their accounts receivables and we knew there was potential for this type of offering. Within a few months, we had a solution up and running that is competitively-priced and effectively meeting the needs of our customer.”

NewDominion Bank’s lockbox solution is now available to all customers, including manufacturers, distributors and professional services, said the bank.

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as ...