Union Bank to Offer New Back-Office-Conversion Product
March 07 2007 - 6:56PM
Business Wire
Union Bank of California, N.A., has announced the expansion of its
remote deposit suite of services to include a
back-office-conversion product permissible by the latest National
Automated Clearing House rule effective March 16th. The new product
will allow businesses to convert eligible checks to ACH debits in
the back office rather than at the point of sale. Using this new
service, businesses can transmit an ACH file to the bank for
processing and posting to the account. �This new ACH rule allows us
to expand our remote deposit product capability and further
complements our national processing strategy,� said JoAnn Bourne,
executive vice president of commercial deposits and treasury
management. �We are looking forward to the rollout of the
back-office-conversion product to our business customers.� Benefits
to business clients include faster access to funds, elimination of
trips to the bank and/or courier expenses, reduced bank fees by
consolidating banking relationships to one bank, and more efficient
clearing of check payments. �The cost savings and operational
efficiencies are the key motivators for our business clients to
adopt BOC,� said Alok Ahuja, senior vice president and head of
product management and development. �BOC allows our business
clients to enjoy the benefits of ACH without impacting the customer
check out process.� Based in San Francisco, UnionBanCal Corporation
(NYSE:UB) is a bank holding company with assets of $52.6 billion at
December 31, 2006. Its primary subsidiary, Union Bank of
California, N.A., had 321 banking offices in California, Oregon and
Washington, and 2 international offices at December 31, 2006. The
company's Web site is located at www.unionbank.com.
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