November 29, 2011

U.S. Bank is rolling out a new wholesale lockbox platform at multiple sites across the nation this year. The image-based solution will provide payment processing for the bank's business and government customers, helping them move toward electronic payment processing.

U.S. Bank began its conversion to the RemitEnterprise solution from FIS earlier this year, starting in Chicago. The new technology will be rolled out at eight other U.S. Bank lockbox sites: Cincinnati; Denver; Los Angeles; Milwaukee, Wis.; Portland; Seattle; St. Louis and St. Paul, Minn.

The upgraded lockbox systems offer a number of new electronic services, including split deposits, which allows users to have one lockbox but distribute individual payments into separate accounts. In addition, the web decisioning service allows customers to electronically view images of items that couldn't be processed to decide whether or not to reject them, and the accounts receivable matching automatically reconciles payments against outstanding invoices.

In addition to the technology upgrades in the new wholesale lockbox platform, U.S. bank is maintaining dedicated customer service departments at each upgraded site.

ABOUT THE AUTHOR