Union Bank Enhances Image Lockbox Services

  
    
  
  
    
      Union Bank of California N.A. has announced the launch of a 
      newly-enhanced wholesale lockbox web delivery platform that provides 
      customers with more immediate payment information, including images of 
      the payment documents.
    
    
      “Union Bank is committed to delivering quality 
      treasury management products that meet existing and future customer 
      requirements for faster access to receivables information,” 
      said Alok Ahuja, senior vice president and head of product management 
      and development.
    
    
      With the new platform, business clients can have near real-time access 
      to payment documents to improve cash flow by posting payments within 
      hours of receipt, reducing “days-sales-outstanding” 
      and speeding up the conversion of sales into cash.
    
    
      “Our customers must perform in a highly 
      competitive business environment and Union Bank understands its role in 
      helping them realize their goals,” said JoAnn 
      Bourne, executive vice president of commercial deposits and treasury 
      management.
    
    
      The wholesale lockbox service provides images of payments and associated 
      remittance information which is available online throughout the current 
      business day. Real-time updates on customer payments, payment 
      information from the previous business day and historical access to 180 
      business days of payment history are also provided.
    
    
      Union Bank’s wholesale lockbox service offers 
      business clients a high-quality solution that can be customized to 
      accommodate their needs. Clients instruct their customers to mail their 
      remittances directly to the nearest lockbox location(s).
    
    
      Union Bank collects the remittances daily at frequent intervals that are 
      established to accelerate check clearing and same-day ledger credit of 
      lockbox deposits. Union Bank has more than 50 years' experience in 
      lockbox setup and a reputation of enhancements, such as the recent 
      addition of national processing centers located in Chicago, 
      Philadelphia, Boston, Atlanta, and Dallas.
    
    
      Based in San Francisco, UnionBanCal Corporation (NYSE:UB) is a bank 
      holding company with assets of $52.6 billion at December 31, 2006. Its 
      primary subsidiary, Union Bank of California, N.A., had 321 banking 
      offices in California, Oregon and Washington, and 2 international 
      offices at December 31, 2006. The company's Web site is located at www.unionbank.com.