MINNEAPOLIS--(BUSINESS WIRE)--Oct. 19, 2015--
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. Bank
Minneapolis-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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151019005865/en/
Source: U.S. Bank
Pat Swanson, U.S. Bank Corporate Communications
(651) 587-3590, patrick.swanson@usbank.com