Solutions Remittance Solutions

Transcription

1 Solutions Remittance Solutions Third-Party, Private-Label Remittance Processing That Helps You Grow Revenue, Increase Deposits and Serve Valued Customers Without the Capital Investment

2 Solutions Offering remittance processing services can enhance your customer relationships, grow revenues and increase deposits, without the costs associated with in-house remittance processing. Fiserv can partner with your financial institution to provide advanced remittance processing without capital expenditures. Remittance Solutions from Fiserv is a comprehensive suite of private-label, high-quality remittance processing services backed by a knowledgeable team of dedicated professionals. Benefits of Remittance Solutions Improve Net Income Remittance Solutions includes attractive treasury management services that your customers may need but that you may have been unable to cost-justify. Fiserv has the economies of scale to offer competitive dayto-day remittance processing. We contain per-item costs through economies of scale, while making significant investments in the latest technology. You and your customers avoid the high fixed costs associated with equipment purchase and maintenance. As a result, your fees are transaction-related. Strengthen Customer Relationships By marketing the offerings available from Remittance Solutions to your customers and prospects, your financial institution is providing critical processing solutions that will enhance your relationships with customers. While we support your initiatives, we never intrude on your relationships. The contract for processing is between you and your customer, and your staff is the first point of contact for service. Meet Competitive Initiatives We offer state-of-the-art, customized processing services that match the capabilities of the largest remittance processing providers. What Is Remittance Processing? Remittance processing is designed to reduce the time it takes for a business to receive customer payments and update their accounting records to show that the payments have been made. There are a variety of remittance processing services available to meet different needs. A wholesale remittance service typically processes high-dollar, low-volume corporate-to-corporate payments. Retail remittance processing is most appropriate for low-dollar, high-volume consumer-tobusiness payments where a coupon accompanies a payment and the check amount usually equals the amount billed (health club dues, rent payments). A wholetail remittance solution is a hybrid that receives both wholesale and retail payments. Other remittance services are designed to meet the needs of a specifi c market segment, such as property management or health care. An image remittance solution processes payments in the same way as a wholesale or retail lockbox but replaces hardcopy outputs with electronic images. With Remittance Solutions, your financial institution can offer receivables management and remittance processing services to attract and build relationships with customers in multiple market segments. By outsourcing your remittance processing needs to Fiserv, you can grow valuable fee-based revenues and deposits while controlling costs. 2

3 Increase Revenue Adding another fee-based service can improve your bottom line. Remittance processing provides a valuable fee-based service to your customers and prospects. Grow From Regional to National Processing Fiserv operates remittance processing services from a number of sites across the country. Together these sites form a nationwide remittance processing network that can further improve your customers cash flow. Expand Clearing Services With an Electronic Solution After processing, Fiserv can create and send an image cash letter to the clearing entity you designate. You can speed the check presentment process while reducing your operational costs. Get Flexible Processing Options in a Complete Solution Not every business wants the same remittance processing solution. We offer multiple workflows and transaction processing options so you can quickly go to market with a complete suite of remittance solutions. Benefits to Your Customers Post Payments Faster, Improve Cash Flow Businesses typically calculate Days Sales Outstanding (DSO) from the date when the invoice is mailed to the date payments are posted. With Remittance Solutions, your customers can reduce DSO anywhere from one to three days. Our remittance processing locations are near U.S. post offices. We use special ZIP codes, regular mail pickups and around-the-clock processing on high-speed equipment. Your customers receive their payments and related information faster so that postings occur more quickly. Increase Profitability By speeding up cash flow, Remittance Solutions offerings help payments to be deposited faster. This improves your customers profitability by reducing borrowing expenses and enhancing investment opportunities. Improve Customer Service, Exceptions Processing With up-to-date accounts receivable records, your customers can ship products sooner and respond more quickly and accurately to customer service inquiries. They will be able to speed up and improve credit research and deposit reporting. Exceptions can be identified and processed more quickly. In addition to improving cash flow, remittance services benefit your customers by enhancing the quality of their internal payment processes and eliminating expenses such as P.O. box rentals, supplies, messenger services and staff. 3

4 Reduce Operating Expenses Remittance Solutions can reduce the expense and improve the quality of your customers internal payment processes. Your customers can reduce expenses such as P.O. box rental and messenger services for mail pick up, supplies and staff. By delegating remittance processing to an organization that specializes in efficient processing, your customers can focus on profitable business activities rather than problems in their payments processes. Reduce Payment Risk Because payments are processed at secure remittance processing sites, remittance processing services can greatly reduce the opportunities for payment fraud. The Fiserv Advantage Total Commitment to Quality Fiserv uses the latest technology to provide state-of-the-art processing. Our commitment to quality is unparalleled. And our accuracy exceeds 99.9 percent on major production measures. Dedication to Remittance Processing Our experienced remittance processing management team has an average of more than 15 years of experience in lockbox processing services, and we have a team of IT staff that is solely dedicated to remittance processing. Team Approach We strive for a more mutually supportive relationship than the classic outsourcing arrangement. Our custom offerings position you as a proactive and valued provider of remittance processing services designed to help your customers businesses grow. Our support is designed to facilitate the sale of remittance processing services, provide cross-selling opportunities and create loyal customers. 4

5 A Complete Range of Remittance Processing Solutions Remittance Solutions A Full Suite of Remittance Services Fiserv partners with financial institutions to offer wholesale, retail, wholetail, image and remote capture remittance services as well as market specific solutions in property management, healthcare and insurance. RemitStream Wholesale Lockbox Our wholesale lockbox services deliver third-party lockbox processing for low-volume, high-dollar corporate-tocorporate payments. RemitStream Retail Lockbox Approximately 90 percent of the retail lockbox payments received at our lockbox processing sites include payment coupons that can be processed in a high-speed automated environment with better than 99.9 percent accuracy. RemitStream Wholetail Lockbox A customized mix of wholesale and retail lockbox services, RemitStream Wholetail Lockbox processes about 30 to 60 percent of customers payments received with coupons automatically. RemitStream Remote Lockbox Capture This service is a remote deposit capture solution integrated with remittance services for organizations that receive payments at their offices. RemitStream Property Management Lockbox Our property management remittance service enables assessment and rent payments to be sent to a single P.O. box while deposits are made to separate accounts for each homeowners association. RemitStream Healthcare Lockbox Healthcare providers can use our comprehensive all-payer service to streamline their revenue cycle management. RemitStream SmartBox SM This highly customized receivables matching management system helps speed cash application through a matching process in which we become your backroom operations. Whether you are a large financial institution looking to expand your lockbox network, or a community bank seeking to boost the bottom line, Remittance Solutions delivers because your costs are always tied to current processing volumes. 5

6 Imaging technology is often cost-prohibitive for in-house lockbox services. By outsourcing to Fiserv, state-of-the-art color and black-and-white imaging technology is available to you at minimal cost. Lockbox Information Delivery Timely Accounts Receivables Updates During processing, we automatically capture remittance data or enter critical information. At the end of the processing day, we can forward remittance information directly to your customers accounts receivables system and an image output option is also available. Complete Image Environment Imaging technology is used to capture images of checks, invoices, envelopes and other remittance documents during processing. Images are made available to your customers same day, either online or via encrypted CD-ROM/DVD sent daily, weekly or monthly. Another option, an image transmission, can be sent to you or your customer s image archive. This green solution enables your customers to create a paperless work environment. Reduced Paper Handling When your customers subscribe to our image archive, they spend less on their storage costs and devote less time to searching for check and remittance document copies. Images are retained for 180 days in our short-term archive and up to seven years in our long-term archive for an additional cost. Electronic Services Remittance Solutions offers electronic services that feature the real-time convenience, seamless access and increased efficiency available only with online applications. Streamlined processes and immediate access to information improves productivity for your staff and profitability for your customers. Remittance Manager Give your staff and customers instant access to your full range of remittance functionality online. With a single signon to Remittance Manager from Fiserv, customers are automatically validated for applications such as RemitStream Receivables Online, RemitStream Remote Lockbox Capture and RemitStream Exception Handling. RemitStream Electronic Lockbox As the number of online bill payments continues to rise, you need a faster and more efficient way to handle those payments. RemitStream Electronic Lockbox streamlines this process with end-to-end electronic handling of online bill payments. Payments made through online bill pay are received from bill pay service providers in an electronic data file. Payment and remittance information from the electronic payment files is merged with information from paper check payments received in the lockbox to create a single output file. 6

7 RemitStream Receivables Online Your staff, customers and their employees all want quick access to remittance deposit information. With RemitStream Receivables Online, they can view check images and related remittance documents online the same day the items are processed. This advanced online solution makes it easy to access detailed or summary information about lockbox activity, perform custom searches for remittance items, generate reports, set up new users with an administrator function, and more. Quick navigation combined with the latest Web technologies provides a userfriendly experience that saves time for your staff and helps build lasting customer relationships. RemitStream Exception Handling RemitStream Exception Handling automates the processing of assessments and rental payments by introducing a number of tools designed to help your customers further streamline their operations, reduce costs and improve cash flow. Using data extracted from your property management customers accounting software, Exception Handling confirms whether incoming payments should be cleared for processing. This process enables valid payments to move seamlessly to approval and ensures that any invalid payments are rejected all without manual intervention. RemitStream Integrated Receivables Reporting With RemitStream Integrated Receivables Reporting, your customers can consolidate payments and associated remittance detail for multiple payment types received from various sources. From a single receivables file, your customers can quickly and easily update their accounts receivables. The key to integrated receivables is the Fiserv payment hub, a custom software platform designed with a rules engine that governs how various transactions from each payment source should be processed. Customer output files can also be provided for lockbox customers who have automated their accounts receivable cash application process. Multiple output file formats are supported depending upon client-specific needs. Discover the full-service convenience of our Remittance Solutions offerings and build relationships with your customers while growing revenue for your financial institution. We have a full complement of solutions backed by an experienced staff and state-of-the-art technology that can help you tap into a ready market waiting for your services. Connect With Us For more information about Remittance Solutions, call , getsolutions@fiserv.com or visit Fiserv.com/remittance. Fiserv is driving innovation in Payments, Processing Services, Risk & Compliance, Customer & Channel Management and Insights & Optimization, and leading the transformation of financial services technology to help our clients change the way financial services are delivered. Visit for a look at what s next, now. 7

8 Fiserv, Inc. 255 Fiserv Drive Brookfield, WI Fiserv, Inc. or its affiliates. All rights reserved. Fiserv is a registered trademark of Fiserv, Inc. Other products referenced in this material may be trademarks or registered trademarks of their respective companies COL 11/14