Wisconsin-Based WAUSAU Financial Systems Offers Outsourcing Solution For Banks

April 17, 2011

Mosinee, Wisconsin-based WAUSAU Financial Systems is a provider of payment process solutions and it was hand picked by commercial banks run by CoBiz Financial РColorado Business Bank and Arizona Business Bank Рfor its strong outsourcing solution.

WAUSAU’s product includes the solution, Integrated Receivables Hub, Receivables 360, ¬†and offers revenue cycle management and comprehensive remittance processing. the product is expected to go into effect in May.

CoBiz Financial has 12 Colorado locations. It also has seven in Arizona. CoBiz was seeking to make its wholesale lockbox operations better and create remittance offerings. Simultaneously the financial group was looking to improve its customer experience in the insurance and healthcare segments.

WAUSAU’s outsourcing product offer Receivables 360 enables banks to process payments from various locations by creating automatic imaging, validation and routing. It also improves cash flow and enhances management of exception items, decreases capture time, while keeping track of real time workflow.

Rod Young, senior VP product solutions, CoBiz Financial, “After a year of carefully evaluating multiple outsourcing vendors, we selected the WAUSAU outsourcing solution for its comprehensive nature, low cost of entry and speed-to-market, which combined allow us to quickly and easily expand our geographic footprint,” PRNewswire reports.

He added, “We built upon our existing system by integrating the solution with our current technology, saving both time and money. Furthermore, the enhanced processing quality and features offered by the new solution offer great value to our customers, which is always our ultimate goal.”

The WAUSAU solution carries with it the following options:

  • Improved Disaster Recovery- With two disaster recovery sites, costs and maintenance to customers are reduced and a risk in losing data is minimized.
  • Accounts Receivables and Key Entry Data Transmission – Gives lockbox customers an efficient mode of capturing data fields.
  • Online Term Archive – Offers corporate clients access to payment through Internet.
  • Online Decisioning – Offers end customer with efficient workflow and Quick Cash Application.

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