WAUSAU Financial Systems Partners with Orbograph to Streamline Customer Remittance Processing Operations
MOSINEE, Wis. and BILLERICA, MA – November 16, 2010 – WAUSAU Financial Systems, a premier provider of payment and receivables processing solutions, in partnership with Orbograph, a leading provider of recognition-centric software and services for the check processing and forms processing markets, announces the successful implementation of WAUSAU’s ImageRPS™ KeyLESS solution with integrated Orbograph recognition at First PREMIER Bank.
First PREMIER Bank selected the ImageRPS™ KeyLESS solution for its superior performance and ability to create greater financial return. Offered as a pay-as-you-go service that requires no capital investment, ImageRPS™ KeyLESS streamlines business operations for the remittance workflow, reducing the manual check amount entry burden by up to 70 percent and providing an immediate return on investment.
"We have experienced a significant labor savings with this product. It has increased the transaction Read Rate by 60% and the transaction Kill Rate by 48% which has reduced our number of items keyed significantly," said Kim Miles, Vice President Lockbox, First PREMIER Bank.
KeyLESS is designed to help resolve items that do not balance and kill in the Courtesy Amount Recognition (CAR) job through advanced recognition and Key-Pay® Technologies that do not require manual data entry. This offering results in faster reconciliation of exception items, which are the most time consuming and expensive items to process for virtually every remittance processing operation.
"Our customers’ success with ImageRPS™ KeyLESS further validates its underlying business model for this environment. This solution allows remittance customers the opportunity to attain higher levels of performance with reduced labor costs without capital investment," said Kathy Strasser, Executive Vice President of Solution Management for WAUSAU Financial Systems.
ImageRPS™ KeyLESS combines WFS’ leading remittance technology with Orbograph’s best-in-class recognition and Key-Pay® Technologies to increase remittance processing efficiencies. As a result, the number of items requiring amount entry are significantly reduced – a benefit to customers like First PREMIER Bank with significant retail remittance volume. ImageRPS™ KeyLESS has also been installed in live production or is in the process of installation at eight separate customer locations.
Among the advantages of ImageRPS™ KeyLESS
- Reduces unit cost
- Facilitates lean staffing
- Insures accuracy through majority voting
"Many of the WAUSAU Financial System customers know Orbograph solely for our leading check processing automation solutions," states Andy Leonhardt, Vice President of Sales for Orbograph. “Yet, we have an extensive installed base in the remittance industry as well. We are pleased to further extend the value of our solutions and recognition expertise into remittance operations with WAUSAU’s KeyLESS product.”
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About WAUSAU Financial Systems
WAUSAU Financial Systems is a premier provider of payment and receivables processing solutions, helping businesses of all types move money faster. With its products, services and consulting, WAUSAU works with customers to speed check processing, electronic presentment, ACH payments, transaction processing, distributed capture and enterprise content management. WAUSAU holds the No. 1 market share position in retail and wholesale remittance processing solutions. WAUSAU processes more than $1 trillion in payments each year through its work with more than 650 organizations, and maintains more than 30 percent of all U.S. lockbox volume. The company works with 13 of the 25 largest financial institutions, 42 percent of insurance companies with more than 5 million customers and 24 percent of utilities with more than 100,000 customers. More than 200 financial institutions use WAUSAU’s remote deposit capture service, and industry consultants Celent and Aite have ranked WAUSAU’s remote capture functionality above all competitors. For more information, visit www.wausaufs.com.
About Orbograph
Orbograph (www.orbograph.com), a subsidiary of Orbotech, is a leading provider of recognition-centric software and services for the check processing and forms processing markets. Orbograph’s innovative technologies are in use in over 1000 financial institutions and service bureaus, processing billions of checks and forms annually. Through check processing automation, fraud prevention, data mining for marketing and forms processing automation solutions, Orbograph enables clients to envision more for their organization by reducing costs, managing risk and driving revenue growth, while ensuring that achieving more is a reality.
Contact Information:
WAUSAU
Ryan Kuntz
312-240-2854
ryan.kuntz@edelman.com
Joe Gregory
VP Marketing
joe.gregory@orbograph.com
978-901-5046