WAUSAU Financial Systems Makes Remote Deposit Capture Secure

MOSINEE, Wis., April 27 /PRNewswire/ -- WAUSAU Financial Systems, a provider of payment and receivables processing solutions, today announced the launch of a risk monitoring solution that allows financial institutions and their clients to safely enjoy the benefits of Remote Deposit Capture (RDC).

WAUSAU's risk monitoring module, part of WAUSAU's Web-based RDC solution, allows institutions and their risk management teams to better monitor and control risks associated with RDC. One of the key features allows for rule-based flags. If any items coming into the system fit a designated rule, a flag will be assigned to that item or transaction. Once the item has been flagged it can be personally reviewed and a decision can be made as to whether to move forward with the transaction.

The adoption of RDC solutions has experienced rapid growth in recent years. In fact, according to Celent, a research and consulting firm focused on IT within the financial services industry, nearly 64 percent of all financial institutions (10,500 institutions) were expected to have adopted RDC by the end of 2009. However, certain elements of risk are naturally present in an RDC environment, creating the need for a tool to help mitigate risk on an ongoing basis.

"RDC is an ideal solution to decrease processing costs, support new and existing products and improve a customer's access to their deposits," said Sam Golbach, vice president, Deposit Management and Paperless Solutions. "However, a financial institution needs to assess the risks and have a solution in place to address those risks. That's where risk monitoring can make an immediate impact and offer assurance that standards are being met."

WAUSAU's risk monitoring application also provides specific contact information about who captured that item and the risk rating associated with that location. Risk ratings are setup specific to each location that is capturing and transmitting items via RDC. The application can prioritize and organize transactions by the rating associated with that location.

"Given the current economic conditions, interest in risk management has grown exponentially as companies seek new methods for reducing their exposure to risk," continued Golbach. "An effective risk management program improves regulatory compliance, organizational efficiency and assists in protecting and enhancing the financial viability of the company."

The risk monitoring module will be included as a new feature in WAUSAU's next release, WebDDL 3.3, which will be rolled out this summer. Its RDC solution is offered as both an in-house or Application Service Provider (ASP) solution and was named best in class by Aite Group in 2008 and cited as best of breed by Celent in 2006.

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.

SOURCE WAUSAU Financial Systems