Mellon Enterprise Cash Management today announced that its private label customers can now establish Wholesale Lockbox services via the Web, enabling faster and easier service with less administrative effort.
Available via EnternetBank(R) - Enterprise's Web-based information reporting and transaction initiation service - the Web forms simplify the process by allowing banks to set up their business clients with Wholesale Lockbox services using advanced request-tracking features and system intelligence designed to minimize errors.
With the adoption of wholesale lockbox services by small businesses and middle market companies on the rise, more banks are looking for easier and cost effective ways to expand or introduce treasury capabilities to meet their business customers' needs. Outsourcing through Mellon Enterprise's private label wholesale lockbox service enables banks to add a strong fee-based revenue stream without making significant investments in technology and infrastructure.
Enterprise recently completed a successful pilot of the Web Wholesale Lockbox setup forms with several customers. "The introduction of this online capability is indicative of Mellon's ongoing effort to enhance our private label capabilities," said Robert Stasik, executive vice president and head of Mellon Global Cash Management (GCM). "We want to make it easy for our bank customers to do business with us and, in turn, streamline our bank customers' processes."
EnternetBank automatically edits each form as it is completed and submitted, determining if additional information is needed or if required fields were left blank. A built-in help feature provides assistance in completing the forms. An Enterprise implementation specialist reviews the form online and either sends back an approval for the client's records or returns an unapproved form for editing and resubmission.
Current plans include introducing online setup forms for disbursement services in the first half of 2005 and continuing to convert all of Enterprise's setup forms to an online version throughout the year.
Enterprise offers access to Mellon's nationwide lockbox network with operations in seven strategically located processing sites: Atlanta, Boston, Chicago, Dallas, Los Angeles, Philadelphia and Pittsburgh. Because the network provides uniform operational procedures, consistent processing methods and standard processing hardware and software, bank customers can expect the same high quality service no matter which lockbox sites they choose. Enterprise also offers an "EZLockbox" service for customers for whom float and availability are not primary concerns.