May 05, 2010

Although most of the U.S. is gravitating to electronic payments, plenty of Americans, such as the quarter of all households that don't have a checking or savings account (according to the 2009 FDIC National Survey of Unbanked and Underbanked Households) pay their bills in person and/or in cash. In light of this fact, Wausau has partnered with Core Business Technologies to add the ability to accept walk-in payments to its ReceivableWorks receivables hub. This is a product banks can extend to their corporate customers. The assistant treasurer or cash manager at the client company would be the most likely person to use the software, according to Larry Buettner, vice president of innovation at Wausau.

"What's been missing has been a unified area that can be aware of all payments that have come in to a client, regardless of whether they went through a remittance engine traditionally supported by the Wausau software, someone making a payment online from their home, or a walk-in payment at a customer care facility," says Jeffrey Saucier, general manager, products and business development for Core Business Technologies. "In traditional models, while those payments may have been made at any moment, the sharing of that information, particularly between the back-end and the front-line system, was typically something that occurred in an overnight, batch or delayed process. With a unified platform, Saucier says, if a customer shows up and needs service, the bank employee can get a real-time view of that customer's financial status and payment history across the enterprise. The Core product that supports this is called iPayment Revenue Portal.

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