Mellon Working Capital Solutions (WCS) has enhanced its remote check capture service to provide clients with the option to convert eligible payments into one-time accounts receivable check (ARC) conversion debits. Remote check capture enables customers to scan and truncate the checks they receive from their mayors at their company locations and then electronically transmit the images to Mellon WCS, where the system then separates the items into two transmissions, one for eligible ARC items and the other for ineligible items. Eligible items are then converted into ARC entries and images of ineligible items are transmitted to Mellon, where substitute checks are printed and processed directly through deposit operations.
“By offering ARC as part of its remote check capture service, Mellon has enabled us to collect amounts due to us faster and achieve our goal to eliminate paper from our collections process,” says Dawn Budd, assistant treasurer for Educational Testing Service, a Mellon client. “Because ARC converts paper to electronics early in the collection process, many of the numerous steps traditionally employed to turn our checks into cash are no longer necessary.”
“From a workflow perspective, our clients’ front-end capture, balancing and transmission processes will remain unchanged from our current remote check capture offering,” says Gregory J. Cicero, senior vice president and Mellon WCS department head. “The fundamental difference will be in how the item is cleared. By using ARC as a clearing option, our customers will not only eliminate the need to print and clear substitute checks for items eligible for check conversion, but they will also gain access to later deposit deadlines.”
A pioneer in ARC, Mellon WCS is a leader in retail lockbox and ACH processing across the industry. As part of maintaining this leadership position, Mellon WCS currently plans to begin offering back office conversion (BOC) as a clearing option through its remote check capture service when the rule becomes effective in March 2007.
Mellon Working Capital Solutions, a payments industry leader, designs comprehensive solutions through its broad line of cash management services to meet the specialized treasury needs of corporations, nonprofit organizations and financial institutions. Independently-administered customer satisfaction surveys consistently reveal that Mellon WCS continues to distinguish itself from its competition in the areas of operating quality, commitment to cash management and customer service.