NewDominion Bank and WAUSAU Financial Systems Partner to Deliver Wholesale Lockbox Solution

MOSINEE, Wis., Sept. 26, 2012 /PRNewswire/ -- NewDominion Bank, a Charlotte-based community bank with assets of more than $351 million, has implemented WAUSAU Financial Systems' outsourced wholesale lockbox solution to better meet the receivables needs of current and prospective corporate customers.

Market research firm Celent estimated that more than 12,000 U.S. companies with $25 million or more in revenue do not use wholesale lockbox services, yet the opportunity remains largely untapped by financial institutions.  NewDominion Bank recognizes the need for such solutions among corporations heavy in paper remittance, such as healthcare, within its geographic footprint. 

"As a community bank in a saturated market, we differentiate ourselves by placing customers' needs first.  If there is a technology solution that would make their lives easier, we'll research it," said Chris Block, senior vice president, treasury services manager, NewDominion Bank. "A prospective customer needed an affordable solution to improve their accounts receivables and we knew there was potential for this type of offering.  Within a few months, we had a solution up and running that is competitively-priced and effectively meeting the needs of our customer." 

NewDominion Bank's lockbox solution is now available to all customers, including manufacturers, distributors and professional services. 

A first-mover in technology integration, NewDominion has seen great success with other solutions including mobile remote deposit capture (RDC) and remote cash capture.

"NewDominion Bank has been quick to market with various deployments over the years, and continues to differentiate itself from larger competitors within its geographic footprint," said Kathy Strasser, executive vice president of solution management for WAUSAU Financial Systems. "We were thrilled to work with NewDominion on yet another rollout that positions them for continued corporate customer growth and retention."

WAUSAU's Wholesale Lockbox solution is offered to financial institutions in a co-sourced, in-house or outsourced environment and acts as an extension of a corporate customer's accounts receivable system. The solution provides opportunities for financial institutions to build more business among corporations, while also enabling improved transaction accuracy and reduced item handling through a scalable architecture.

In addition, with WAUSAU's wholesale lockbox offering, financial institutions are able to grow recurring fee-based revenues in three ways:

• Entering into new vertical markets such as healthcare and property management;
• Expanding geographical footprint through a unique nationwide capture network that includes more than 30 sites within 150 miles of 80 percent of the U.S. population; and
• Offering corporate customers a true integrated receivables solution that aggregates, automates and accelerates the receivables processing cycle.

WAUSAU's receivables solutions have benefited financial institutions of all sizes, including community banks such as NewDominion Bank. For more information on WAUSAU's solutions, please visit http://www.wausaufs.com/outsourcing.

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.

About NewDominion Bank

NewDominion Bank is a community bank headquartered in Charlotte, North Carolina focused on building trusted relationships to provide financial services accompanied by technology driven tools to give customers a competitive edge. With $351 million in assets as of June 30, 2012, NewDominion Bank has locations in Charlotte and Mooresville, North Carolina and a full-service website at www.newdominiondirect.com.

SOURCE WAUSAU Financial Systems

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