MOSINEE, Wis., July 17, 2012 /PRNewswire/ -- WAUSAU Financial Systems, a premier provider of payment and receivables processing solutions, today announced its integrated receivables solution, Receivables360™, was recognized as the most comprehensive and advanced solution in the CEB TowerGroup Receivables Management Systems Technology Analysis.
CEB TowerGroup analysts recently released its inaugural membership-driven benchmark study of eight receivables management vendors in response to the following factors currently impacting the space:
- Growth in Electronic Transactions and Regulatory Pressures Driving Technology Investment: As electronic transaction volumes grow, financial institutions increasingly need to utilize improved technology to allow corporate customers to manage information across all incoming payment channels. Increasing regulatory pressures are expected to impact financial institutions' operating costs. Financial institutions are prioritizing IT spending to overcome challenges in regulatory compliance.
- Widespread Inefficiencies in Receivables Management: Corporations across the globe report difficulties in collecting revenues after a sale and require the means to improve efficiency in collecting receivables within payment terms. Corporate clients are selecting payables and receivables processing solutions from financial institutions to handle increasing diversity of incoming payment channels, and improve efficiency of receivables processing.
- Receivables Hubs Next Step to Address Demands and Changing Business Environment: Global spending through 2013 is forecasted to increase steadily for modernization purposes and to set the foundations for cost reductions in 2015 and moving forward. Currently most financial institutions need to modernize receivables management products. Moving forward, financial institutions should invest in a consolidated receivables hub to provide corporate clients best quality service and meet the requirements of a rapidly changing business environment.
"Financial institutions have disjointed electronic payments systems, leading to an inability to offer corporate clients a comprehensive solution across payment channels," said CEB TowerGroup research director Steven Murphy. "Receivables360's hub component offers a single interface to manage the end-to-end process for all payments. From all of the receivables solutions we reviewed in this study, WAUSAU's solution is the most comprehensive and advanced."
WAUSAU's Receivables360 provides a seamless, automated approach to handling the vexing issue of customer deductions and cash application. It alleviates the pain points in the payments process and the inefficiencies experienced from accounts receivables and payment processing issues.
The integrated receivables hub increases cash flow, reduces capture time, improves the handling of exception items and monitors workflow in real time, all while automating, aggregating and accelerating the entire receivables cycle, providing an immediate impact on recovery and positive bottom-line results.
"We're thrilled to be profiled in the Receivables Management Systems Technology Analysis by CEB TowerGroup analysts as providing the most comprehensive and advanced solution based on the vendors profiled," said Kathy Strasser, executive vice president of solution management and sales support for WAUSAU Financial Systems. "As financial institutions modernize operations to adapt to increasing payment channels and regulatory pressures, we're in a prime position to help them meet the challenges head on and grow fee-based revenue by aggregating, automating and accelerating the entire receivables process."
Receivables360 is designed to manage the comprehensive payment demands of businesses and financial institutions alike.
To download the WAUSAU excerpt of the CEB TowerGroup report, please click here.
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. CEB TowerGroup also recognized WAUSAU's Receivables360 as the industry's most comprehensive and advanced integrated receivables solution. For more information, visit www.wausaufs.com.
SOURCE WAUSAU Financial Systems