Three Financial Institutions Switch to WAUSAU Financial Systems for Remote Deposit Capture

MOSINEE, Wis., Feb. 24, 2011 /PRNewswire/ -- WAUSAU Financial Systems, the leading provider of payment and receivables processing solutions, today announced that Westbound Bank, American Chartered and Alerus Financial have made the switch from their existing remote deposit capture (RDC) solutions to WAUSAU's Deposit 24/7™ RDC suite. Deposit 24/7, complete with risk monitoring and remittance payment capture functionality, is the most comprehensive RDC solution available, and includes merchant, consumer and mobile capture points which allow for convenient and secure check deposit from the office, at home or on-the-go.

For financial institutions previously unsatisfied with their check deposit technologies, WAUSAU Financial Systems' RDC solution distinguishes itself through unique functionality, including automated risk monitoring, a necessity for financial institutions that plan to offer RDC to micro-businesses and consumers.

"After reviewing five potential RDC providers, many claimed comprehensive risk monitoring still wasn't an option," said Lisa Clark, IT manager, Westbound Bank. "Then, we were introduced to WAUSAU's solution. Its full integration to Quickbooks, built-in lockbox capabilities and custom risk monitoring features truly set it apart from the other solutions."

Understanding that risk strategies often leave financial institutions vulnerable, WAUSAU ensured its solution included components such as velocity and dollar limits and real-time decisioning, making the management of risk and compliance truly second nature for financial institutions and their risk management teams.

"Managing risk is always a bank's primary concern, given the sensitive nature of our business," said Kent Scharringhausen, senior vice president of treasury, American Chartered.  "We were looking for one provider with a comprehensive RDC package including mobile and consumer options. We interviewed six vendors and WAUSAU was the only one that could provide complete assurance surrounding risk, in addition to a mobile RDC solution ready for deployment next month."  

Given the electronic, self-service options the technology provides, financial institutions like Westbound Bank, American Chartered and Alerus Financial can use WAUSAU's RDC technology to retain and expand their customer bases, providing new levels of deposit convenience and reducing traditional branch deposit transaction volume and branch operating expenses.

"Introducing new technologies to our branches can sometimes cause uncertainty among our staff," said Lori Laturnus, deposit platform manager, Alerus Financial.  "With WAUSAU's solution, however, we were given the proper training and resources to implement the new technology quickly, without the headaches new systems can often create."

For innovative financial institutions looking for speed-to-market with mobile deposit solutions, WAUSAU's Deposit 24/7 Mobile RDC application offers seamless integration options that allow them to get to market quickly without compromising on quality.  

"Our unique mobile ASP solution is particularly fitting for community banks wanting to get to market quickly, given it can integrate with financial institutions' existing mobile banking platforms or be used as a stand-alone application, if desired," said Kathy Strasser, executive vice president of solution management for WAUSAU Financial Systems.  "Currently, few financial institutions are offering mobile RDC. Those that make the decision to offer mobile will have a window of opportunity to attract new customers and capitalize on growth before the competition elects to follow."

Industry analysts agree that many more financial institution RDC installations are to come.  

"Celent estimates that more than a million consumers are registered users of consumer desktop or mobile RDC," said Bob Meara, senior analyst in Celent's banking group. "We're beginning to approach mass adoption and see the recent RDC deployments as only the tip of the iceberg. A growing number of financial institutions, whether large or small, are sure to launch consumer directed RDC products in the coming year."  

For more information on WAUSAU Financial Systems' Deposit 24/7 RDC solution, which has earned top ratings from industry analyst firms Celent and Aite Group, visit www.wausaufs.com. 

Deposit 24/7 Mobile relies on technology from Mitek Systems, Inc. called Mobile Deposit®, a patented application that allows users of many popular smart phones to deposit their checks simply by snapping photos with the cameras on their devices. 

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, WAUSAU works with customers to speed check processing, electronic presentment, ACH payments, transaction processing, distributed capture and enterprise content management. WAUSAU holds the No. 1 market share position in retail and wholesale remittance processing solutions. WAUSAU 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 WAUSAU's remote deposit capture service, and industry consultants Celent and Aite have ranked WAUSAU's remote capture functionality above all competitors. For more information, visit www.wausaufs.com.

About American Chartered

Founded in 1987, American Chartered Bank is an independently-owned, full-service commercial bank servicing privately owned small and medium-sized businesses and individual customers in the Greater Chicago area.  American Chartered Bank has become one of the most successful banks in the industry, posting asset growth of more than 37% in 1998.  American Chartered Bank is headquartered in Schaumburg with branch locations in Palatine, Lake Zurich, Mount Prospect and Bartlett. For more information, visit www.americanchartered.com.

About Westbound Bank

Opening in 2007, Westbound Bank is a small community bank offering optimal business checking solutions for the small, medium and large corporate business customers as well as several consumer options.  Westbound's headquarters is located in Katy, Texas with other locations in NW Houston and Bellaire, Texas.  Westbound Bank has assets of over $150 million.  For more information, please visit www.westboundbank.com.

About Alerus Financial

Alerus Financial is one of the largest and oldest independent banking and financial services companies in the upper Midwest.  North Dakota-based Alerus Financial has total bank assets exceeding $1.1 billion, $8 billion in customer assets under management and administration, and $350 million in brokerage assets.  Alerus now operates 18 locations in North Dakota's Red River Valley, Minnesota's Twin Cities, and the Phoenix area.  With roots tracing back to 1879, Alerus has been serving in the best interest of individuals, families, and businesses since it was re-established in 1933.  For more information, visit alerusfinancial.com.

SOURCE WAUSAU Financial Systems