U.S. Bank Launches VantagePoint; New Centralized Receivables Management Platform
October 19 2015 - 11:00AM
Business Wire
U.S. Bank has launched VantagePoint, a comprehensive online
receivables management tool that integrates multiple payment types
into a single portal to help clients solve many long standing
challenges associated with exception management, cash application
and reporting. Developed in house, VantagePoint is delivered via
the bank’s SinglePoint treasury management platform.
Designed for businesses across all industries, VantagePoint
creates a centralized interface for companies to manage incoming
payments and associated remittance data. VantagePoint introduces
advanced tools such as business rules, workflow and data enrichment
capabilities to automate manual processes required to manage
payment exceptions and reporting. VantagePoint allows businesses to
define what constitutes an exception across multiple payment types,
and if the exception cannot be resolved automatically, the item can
be routed for further review.
Milwaukee-based commercial food and beverage equipment
manufacturer Perlick Corporation is among the first companies to
use VantagePoint and has found that it saves a significant amount
of time in reconciling their account receivables.
“Our company has experienced tremendous growth over the last
five years and we were looking for a receivables solution to help
automate our received Automated Clearing House (ACH) transactions,”
said Ang Curro, credit & collections manager at Perlick
Corporation. “Our process for reconciling was difficult because we
were forced to manually integrate data from multiple sources and
key that information into our account receivables reports. Now with
VantagePoint, data and images are consolidated in one system and
reporting is easier, more accurate and is a time savings for our
staff.”
One of the key challenges identified by clients is the
difficulty encountered when receiving electronic payments.
Remittance information is often received separately via fax, email
or even U.S. Mail, requiring manual intervention to research the
transaction to determine how to appropriately apply the payment.
VantagePoint helps solve these challenges by marrying the payment
transaction with the correct remittance data to consolidate and
automate the cash application.
“U.S. Bank is committed to continued investment in receivables
capabilities and technology to improve our client experience,” said
Rich Erario, head of U.S. Bank Global Treasury Management. “The
bank conducts in-depth process reviews with businesses and hosts
focus groups on a regular basis to fully understand their most
pressing business challenges. VantagePoint is a direct result of
those conversations. By streamlining the receivables management
process and improving data reporting, VantagePoint makes it easier
for our clients to make informed business decisions.”
To learn more about U.S. Bank’s cash management services, visit
U.S. Bank’s Treasury Management and Corporate Payments sites.
About Perlick®Family owned since 1917, Perlick’s
award-winning commercial product lines have maximized the
profitability of the world’s finest restaurants, bars, stadiums,
hotels and resorts. As a Milwaukee, Wisconsin, based Manufacturer,
Perlick is dedicated to providing innovative, customizable food and
beverage storage and serving solutions. To learn more, visit
perlick.com or call 800-558-5592.
About U.S. BankMinneapolis-based U.S. Bancorp (NYSE:
USB), with $419 billion in assets as of June 30, 2015, is the
parent company of U.S. Bank National Association, the fifth largest
commercial bank in the United States. The Company operates 3,164
banking offices in 25 states and 5,020 ATMs and provides a
comprehensive line of banking, investment, mortgage, trust and
payment services products to consumers, businesses and
institutions. Visit U.S. Bancorp on the web at www.usbank.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20151019005865/en/
Pat Swanson, U.S. Bank Corporate Communications(651) 587-3590,
patrick.swanson@usbank.com
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