MOSINEE, Wis., March 29, 2011 /PRNewswire/ -- WAUSAU Financial Systems, a premier provider of payment and receivables processing solutions, was recently selected by Colorado Business Bank/Arizona Business Bank, commercial banks owned by CoBiz Financial, for its robust wholesale outsourcing solution which delivers comprehensive remittance processing and revenue cycle management. The solution, complete with WAUSAU's industry-leading Integrated Receivables Hub, Receivables360™, goes live in May 2011.
CoBiz Financial, with 12 locations in Colorado and 7 in Arizona, was looking to improve its wholesale lockbox operations and deliver remittance offerings while enhancing the experience of its customers in healthcare and insurance. WAUSAU's outsourcing solution with Receivables360, allows the bank to process every form of payment from nearly any location by making imaging, routing and validating automatic. Receivables360 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.
"After a year of carefully evaluating multiple outsourcing vendors, we selected the WAUSAU outsourcing solution for its comprehensive nature, low cost of entry and speed-to-market, which combined allow us to quickly and easily expand our geographic footprint," said Rod Young, senior vice president product solutions, CoBiz Financial. "We built upon our existing system by integrating the solution with our current technology, saving both time and money. Furthermore, the enhanced processing quality and features offered by the new solution offer great value to our customers, which is always our ultimate goal."
WAUSAU's outsourcing solution ensures that CoBiz Financial's lockbox customers will receive exceptional service levels. The solution's robust offerings include the following capabilities:
- Enhanced Disaster Recovery — CoBiz's risk of lost data is minimized because of Receivables360 full disaster recovery capabilities. This results in reduced costs and maintenance associated with maintaining two separate disaster recovery sites.
- Key Entry and Accounts Receivables Data Transmission — Allows lockbox customers the ability to specify what data fields they would like captured and displayed, enabling the most efficient means for capture of data fields that is specific to each customer.
- Online Long-Term Archive (OLTA) — Provides corporate customers with instant access to payment images via the web, for any period of time from three to 10 years, based on individual lockbox requirements.
- Online Decisioning — Provides the end-customer the ability to work their own exception items intra-day, resulting in accelerated cash application and more efficient workflow.
- National Capture Network — By outsourcing its receivables, CoBiz now has access to WAUSAU's unique network of capture sites that is within 150 miles of 80% of the U.S. population allowing CoBiz to expand their geographical footprint.
- Full-Imaging Capabilities — Wholesale transactions often come in any size package with multiple reference documents. WAUSAU's full-imaging capabilities allow financial institutions to capture any size document and all documents that are linked to the transaction for reference resulting in accelerated cash application through the elimination of paper.
"In a market where major capital IT expenditures are challenging to defend and improving profitability is always top of mind, outsourcing receivables can allow financial institutions like Colorado Business Bank/Arizona Business Bank to concentrate resources on more cost-effective and robust processing means," said Kathy Strasser, executive vice president of solution management for WAUSAU Financial Systems. "Further, the solution will allow the bank to provide receivables and cash-flow insights to key customers who expect that value-added benefit from their banking institutions."
"CoBiz now offers the best of both worlds for our customers: we have the most advanced lockbox technology available on the market that is used by the biggest banks in the country, combined with the personal touch of a local bank," states, Margaret d'Emery, executive vice president of treasury management for CoBiz.
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 Colorado Business Bank
CoBiz Financial (Nasdaq: COBZ) is a $2.4 billion financial services company that serves the complete financial needs of businesses, business owners and professionals in Colorado and Arizona. The company provides commercial banking services through Colorado Business Bank and Arizona Business Bank; wealth planning and investment management through CoBiz Wealth Management, and trust services through CoBiz Trust; property and casualty insurance brokerage and employee benefits through CoBiz Insurance; investment banking services through Green Manning & Bunch; and executive benefits consulting and wealth transfer services through Financial Designs Ltd.
SOURCE WAUSAU Financial Systems