WAUSAU Financial Systems Introduces Second Generation of its Receivables360 Solution
MOSINEE, Wis., Oct. 24, 2013 /PRNewswire/ WAUSAU Financial Systems, the industry leader in receivables processing solutions, will introduce the second generation of Receivables360, the industry's most advanced single platform for handling the entire receivables process, at the AFP Annual Conference, Oct. 27-29 in Las Vegas. Receivables360, rated as "the most comprehensive and advanced receivables solution" by industry analyst CEB TowerGroup in 2012, will be previewed at the conference in booth #519.
As payments shift from paper-based to electronic, banks are struggling to provide corporate customers a single view of all payments received. Now also delivered in an online, cloud-based format, the advanced receivables hub embraces all payment types, automates all processes and outputs integrated results. As an outcome, consolidated reporting, extracts and analytics are delivered near real-time, ensuring a customer can make today's business decisions immediately.
"We've received significant interest in integrated receivables technology during recent conversations with banks and corporations. The technology is seen as a strategic imperative and a competitive market driver," said Gary Cawthorne, CEO, WAUSAU Financial Systems. "Financial institutions and corporations previously dismissed the idea of such a hub because adding it meant significant system replacement and cost. But a single hub now works alongside existing systems, seamlessly integrating and complementing client payment and business applications."
According to a 2012 industry analysis by Treasury Strategies, Inc., the market opportunity for integrated receivables could translate into a lift in gross treasury management fees of millions of dollars for large regional banks and tens of millions of dollars for national banks, annually. Offered as an in-house or outsourced solution, integrated receivables processing:
- Increases fee revenue by offering value-add solutions;
- Solves for customers' needs;
- Enables offering a truly integrated and aggregated payment solution;
- Creates customer loyalty; and
- Ensures stable deposit generation as well as visibility into cash flows for managing credit risk exposure.
For the corporation, integrated receivables processing delivers easier and faster access to all receivables; consolidates reporting and extracts across multiple payment types to improve efficiency for accounts receivables updates; improves exception management for faster cash application; and ensures greater transparency around payment status that improves exceptions and posting. According to an Aite Group study, nearly 60 percent of corporations see room for improvement in their company's receivables process.