Unionbancal (NYSE:UB)
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Union Bank of California is launching a new and enhanced suite of cash
management products to expand its coverage nationwide. The new product
line, featuring new remote deposit capabilities and enhanced wholesale
lockbox and cash vault networks, strengthens the bank’s
national presence and processing capabilities.
“Union Bank is committed to providing quality
cash management products that meet existing and future customer
requirements across the country. The integrated delivery of quality cash
management products gives our customers the ability to consolidate their
banking relationships, faster access to funds, and timely information
reporting,” said Alok Ahuja, senior vice
president and head of product management and development.
The new remote deposit is a fully Web-based application that allows
business clients to scan and electronically submit all of their deposits
from their office to Union Bank from anywhere in the country. Business
clients will improve cash flow by eliminating courier expenses or trips
to the bank. In addition, the remote deposit application is ideal for
business clients who have multiple offices across the country to
consolidate their banking relationships with Union Bank and handle cash
management transactions electronically without leaving the office.
The expanded national wholesale lockbox network includes sites in the
country's top processing cities: Los Angeles, San Francisco, Portland,
Seattle, Chicago, Philadelphia, Boston, Atlanta, and Dallas. Users will
have faster access to funds and same day payment information reporting.
In addition, the wholesale lockbox network is a fully integrated on-line
system that allows treasury management functions in a secure Web
environment.
The cash vault network expansion allows commercial clients to deposit
cash and place change orders at 110 new locations of the Bank’s
network. In addition, these locations are capable of electronically
processing cash and check deposits. Business clients will benefit from
simplified procedures, same day posting of deposits and a single point
of contact for orders regardless of fulfillment location. Deposits and
change orders can be posted to a single account for simplified
reconciliation.
“We understand the needs of our business
clients and the new and enhanced suite of cash management products is
just one example of the bank’s national
processing capabilities and commitment to support our clients across the
country,” said JoAnn Bourne, executive vice
president of commercial deposits and treasury management.
Based in San Francisco, UnionBanCal Corporation (NYSE:UB) is a bank
holding company with assets of $52 billion at September 30, 2006. Its
primary subsidiary, Union Bank of California, N.A., had 320 banking
offices in California, Oregon and Washington, and 2 international
offices at September 30, 2006. The company's Web site is located at www.unionbank.com.