Wells Fargo ranked first in fastest lockbox network for the first time
For corporate treasurers, online
banking and electronic
payments have sped up deposits of customers' payments. Yet 80
percent of their customers still pay with a paper check, according to PYMNTS.com.
One of the fastest ways for a company to turn that paper check into a
deposit is to use the Wells
Fargo & Company (NYSE:WFC) lockbox
network, which for the first time is ranked America’s fastest, according
to the new Phoenix-Hecht
Postal Survey™ Release 2015-2 1.
“Not only can we process payments faster, but mail that is sent to
lockboxes arrives more quickly because of their special ZIP codes,” said
Keith Theisen, executive vice president and director of product
management at Wells
Fargo’s Treasury Management Group.
Phoenix-Hecht, a financial services marketing intelligence firm,
conducts the Postal Survey twice a year and tests nationwide how quickly
a lockbox provider can process a paper check and deposit it into a
client’s accounts receivable account. The October 2015 survey found that
Wells Fargo did this more quickly than any other lockbox provider. For
more information on the survey, visit: https://www.phoenixhecht.com/treasuryresources/Products/PSY_Request.aspx
“A lockbox service saves time and money for companies that find
themselves waiting for their payments in the mail, and optimizes their
cash as interest rates rise,” Theisen added. “It also deters theft,
fraud, and error by reducing the number of employee touches on each
transaction.”
While lockboxes remain an out-of-sight, back-office function in many
companies, they are crucial for securely collecting and verifying
payments and helping to ensure a healthy cash position for corporate
treasurers.
Wells Fargo operates a network of lockboxes in 18 cities throughout the
U.S. and in Canada with multiple mail pickups during the processing day
to expedite the availability of the mail. The network offers a full and
flexible complement of remittance processing features and information
delivery options that support business processes and information needs
for a wide range of industry and client types, from small convenience
stores to national retailers.
“For as long as our customers need paper remittance, Wells Fargo is
committed to providing lockbox services that are fast, accurate, and
cost-effective,” said Theisen.
About Wells Fargo Treasury Management
Wells
Fargo Treasury Management helps government, large corporations,
middle-market companies, and organizations optimize the cash conversion
cycle with expert process analysis and automated solutions for payables,
receivables, and information reporting. U.S.-based companies and their
operations and subsidiaries worldwide connect to their accounts and
global cash pictures through the Commercial
Electronic Office® (CEO®) portal
and the CEO
Mobile® service.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.8 trillion in assets. Founded in 1852
and headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial finance
through 8,800 locations, 13,000 ATMs, the internet (wellsfargo.com) and
mobile banking, and has offices in 36 countries to support customers who
conduct business in the global economy. With approximately 269,000 team
members, Wells Fargo serves one in three households in the United
States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015
rankings of America’s largest corporations. Wells Fargo’s vision is to
satisfy our customers’ financial needs and help them succeed
financially. Wells Fargo perspectives are also available at Wells
Fargo Blogs and Wells
Fargo Stories.
About Phoenix-Hecht
Phoenix-Hecht, one of the nation's foremost providers of market
intelligence and education for the financial services industry, is
involved in the creation of a number of databases specific to the
financial services industry. Its Postal Survey™ and Check Clearing
Study™ are banking industry standard performance measurement databases
for both incoming and outgoing corporate payment systems. The Treasury
Management Monitor™, conducted each year, includes the Quality Index™
which provides individual bank quality ratings for numerous treasury
management products. The Blue Book of Bank Prices® is the only available
resource on actual bank prices paid developed with the cooperation of
more than 750 large companies.
1 Ranking based upon use of 13 surveyed Wells Fargo sites
using the Postal Survey’s assumed nationwide remittance sample with
local disbursement
