Union Bank of California, N.A. is expanding its range of products designed to streamline payment operations and improve efficiencies of corporate clients.
The Payables Services, capable of print and deliver check payments, can also process check and National Automated Clearing House and wire transactions with electronic remittance advice as well as print and deliver financial documents. The new range of products is part of Union Banks growing family of Web-based cash management tools.
“We want to offer our clients a solution that alleviates the cumbersome tasks and expense of processing account payables and sending statements or invoices. The new services allow them to maximize their time and resources more on managing their businesses,” says Alok Ahuja, senior vice president and director of product management and development, Union Bank of California.
Check printing and delivery is capable of printing payroll checks, account payable invoices, rebates, commissions, refunds and dividends. The client simply submits one payment file to the bank using a Web-based application. The bank processes the payment according to the clients instructions and provides them with tracking information.
Payments with electronic remittance advices offer business clients the flexibility to submit one payment file that can contain check, wires and ACH payments with correspondent remittance information of each payment. The recipient will be notified by email of the payment along with the remittance information that is available in PDF and downloadable file format to be imported to their account receivable system.
The financial document production services is capable of printing and mailing of statements, invoices, tax forms, and health care forms such as statement of explanation of payment and explanation of benefit. As an added advantage, business clients have the option of presenting documents online and eliminating printing and postage costs.
“Through Union Banks automated wires interface enhancement, our companys personnel get quicker notification of each incoming wire transfer we receive, along with each wires corresponding federal confirmation number. These features enable us to continue to meet our goal of offering the highest level of service and attention to detail on every transaction we process,” says Ed Moran, finance controller for Financial Title Company.
Business clients maintain control over the entire production process via a Web-based application. Using this intuitive application, they upload payment files to the application, review records prior to production, release jobs, check job status, choose delivery options and view reports on all completed jobs.