U.S. Bank Invests in New National Wholesale Lockbox System

U.S. Bank Invests in New National Wholesale Lockbox System

Chicago First of Nine National Sites Offering Enhanced Services

U.S. Bank business and government customers will benefit from an enhanced national wholesale lockbox technology platform that will be rolled out at multiple sites within the bank’s footprint this year. U.S. Bank’s wholesale lockbox service provides payment-processing services for businesses and government agencies so they can collect both commercial and consumer receivables. This new image-based platform allows U.S. Bank customers to move towards electronic payment processing, helping them save time and money.

U.S. Bank’s Chicago lockbox system was converted to the new platform, FIS’ RemitEnterprise, in May 2011. The new technology is also being implemented at eight other U.S. Bank lockbox sites this year: Cincinnati, Denver, Los Angeles, Milwaukee, Portland, Seattle, St. Louis and St. Paul, Minnesota.

“The system upgrade, with state-of-the-art technology, will provide working capital benefits by improving efficiency throughout our customers’ receivables cycle,” said Jeff Jones, executive vice president of U.S. Bank Global Treasury Management. “This investment demonstrates the strong focus and commitment by U.S. Bank to provide best-in-class treasury management services to its customers.”

Customers at the upgraded lockbox sites can take advantage of new electronic services including: Web Decisioning, which allows customers to view images of an exception item (unprocessible item) and decide whether to reject or process it; split deposits, so users can have one lockbox, but distribute individual payments into separate accounts; accounts receivable matching, to automatically reconcile payments against outstanding invoices and further automate the cash collection cycle.

In addition to the technological advantages provided by the new system, U.S. Bank ensures excellent customer service by maintaining dedicated Lockbox Customer Service Departments in each site to assist customers with personalized, timely responses and resolution. U.S. Bank owns all of its lockbox sites and processes all payments in the United States. U.S. Bank and its legacy companies have been in the lockbox business for more than 55 years.

U.S. Bancorp (NYSE: USB), with $330 billion in assets as of Sept. 30, 2011, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,089 banking offices in 25 states and 5,092 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.

U.S. Bank
Amy Frantti, Public Relations, 612-303-0733
amy.frantti@usbank.com