Union Bank Enhances Image Lockbox Services
April 12 2007 - 11:00AM
Business Wire
Union Bank of California N.A. has announced the launch of a
newly-enhanced wholesale lockbox web delivery platform that
provides customers with more immediate payment information,
including images of the payment documents. �Union Bank is committed
to delivering quality treasury management products that meet
existing and future customer requirements for faster access to
receivables information,� said Alok Ahuja, senior vice president
and head of product management and development. With the new
platform, business clients can have near real-time access to
payment documents to improve cash flow by posting payments within
hours of receipt, reducing �days-sales-outstanding� and speeding up
the conversion of sales into cash. �Our customers must perform in a
highly competitive business environment and Union Bank understands
its role in helping them realize their goals,� said JoAnn Bourne,
executive vice president of commercial deposits and treasury
management. The wholesale lockbox service provides images of
payments and associated remittance information which is available
online throughout the current business day. Real-time updates on
customer payments, payment information from the previous business
day and historical access to 180 business days of payment history
are also provided. Union Bank�s wholesale lockbox service offers
business clients a high-quality solution that can be customized to
accommodate their needs. Clients instruct their customers to mail
their remittances directly to the nearest lockbox location(s).
Union Bank collects the remittances daily at frequent intervals
that are established to accelerate check clearing and same-day
ledger credit of lockbox deposits. Union Bank has more than 50
years' experience in lockbox setup and a reputation of
enhancements, such as the recent addition of national processing
centers located in Chicago, Philadelphia, Boston, Atlanta, and
Dallas. 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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