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.