Union Bank Expands Nationwide with New Suite of Cash Management Products
December 11 2006 - 1:24PM
Business Wire
Union Bank of California is launching a new and enhanced suite of
cash management products to expand its coverage nationwide. The new
product line, featuring new remote deposit capabilities and
enhanced wholesale lockbox and cash vault networks, strengthens the
bank�s national presence and processing capabilities. �Union Bank
is committed to providing quality cash management products that
meet existing and future customer requirements across the country.
The integrated delivery of quality cash management products gives
our customers the ability to consolidate their banking
relationships, faster access to funds, and timely information
reporting,� said Alok Ahuja, senior vice president and head of
product management and development. The new remote deposit is a
fully Web-based application that allows business clients to scan
and electronically submit all of their deposits from their office
to Union Bank from anywhere in the country. Business clients will
improve cash flow by eliminating courier expenses or trips to the
bank. In addition, the remote deposit application is ideal for
business clients who have multiple offices across the country to
consolidate their banking relationships with Union Bank and handle
cash management transactions electronically without leaving the
office. The expanded national wholesale lockbox network includes
sites in the country's top processing cities: Los Angeles, San
Francisco, Portland, Seattle, Chicago, Philadelphia, Boston,
Atlanta, and Dallas. Users will have faster access to funds and
same day payment information reporting. In addition, the wholesale
lockbox network is a fully integrated on-line system that allows
treasury management functions in a secure Web environment. The cash
vault network expansion allows commercial clients to deposit cash
and place change orders at 110 new locations of the Bank�s network.
In addition, these locations are capable of electronically
processing cash and check deposits. Business clients will benefit
from simplified procedures, same day posting of deposits and a
single point of contact for orders regardless of fulfillment
location. Deposits and change orders can be posted to a single
account for simplified reconciliation. �We understand the needs of
our business clients and the new and enhanced suite of cash
management products is just one example of the bank�s national
processing capabilities and commitment to support our clients
across the country,� said JoAnn Bourne, executive vice president of
commercial deposits and treasury management. Based in San
Francisco, UnionBanCal Corporation (NYSE:UB) is a bank holding
company with assets of $52 billion at September 30, 2006. Its
primary subsidiary, Union Bank of California, N.A., had 320 banking
offices in California, Oregon and Washington, and 2 international
offices at September 30, 2006. The company's Web site is located at
www.unionbank.com.
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