Drive Operational Excellence
Drive Operational Excellence
This financial institution is a relationship-focused bank committed to helping clients achieve financial success. The company operates over 100 locations in metropolitan Chicago, southeast Wisconsin, northwest Indiana, central and western Illinois, eastern Iowa, and other markets in the Midwest.
The Challenge
The bank was looking to partner with a solution provider who could provide a white labeled electronic lockbox solution that they in turn could offer to their clients. Requested features included a seamless on-boarding process, the ability to minimize payment exceptions, route payments based on previous corrections stored on the solution and provide separate deposits and settlement data to each client.
FirsTech Solution
- An enhanced electronic lockbox solution that allows for the ability to perform repairs and returns through the platform
- Supports payment data “scrub” processes at an individual client level
- Provides settlement data files at the individual client level and specific to their customer information systems
- Payment data, reports and research tools presented through a white labeled web-based tool
- Client user access configured specifically to the bank’s business requirements
- “Demo” environment available to showcase solution functionality to prospects
Efficiencies Gained
- A competitive advantage by being able to offer their commercial clients electronic lockbox as a solution which has traditionally only been offered to large corporations by large financial institutions
- The “scrub” feature of the solution minimizes payment exceptions
- Repair and return features minimize manual exception payment processing
