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Mellon Global Cash Management Expands Private-Label Offerings
With Introduction of Wholetail Lockbox Service
- Combines wholesale and retail paper payments in a single lockbox solution -
PITTSBURGH, Aug. 3 /PRNewswire-FirstCall/ -- Mellon Global Cash Management
(GCM) today announced the availability of wholetail lockbox services for the
private-label clients it serves through Mellon Enterprise Cash Management, a
premier provider of private-label cash management outsourcing solutions for
financial institutions. Wholetail lockbox services, which unite the
flexibility of wholesale lockbox processing with the convenience and speed of
electronic remittance scanning found in retail lockbox processing, is available
in all seven Mellon Enterprise lockbox sites -- Atlanta, Boston, Chicago,
Dallas, Los Angeles, Philadelphia and Pittsburgh.
Business customers receiving 5,000 or more payments per month, including a
mixture of both scannable and nonscannable remittance documents, would most
benefit from this new offering. The solution also is particularly well suited
to business customers that receive single payments with multiple remittances,
multiple checks with single remittances and/or payments that do not match the
billed amounts.
"Banks with customers in the health care, utility, insurance and
telecommunications industries, are among the best candidates for our new
wholetail lockbox solution," said Robert W. Stasik, executive vice president
and head of Mellon GCM, a treasury services business of Mellon Financial
Corporation. "The service may also provide an alternative for business
customers that collect consumer and business payments, but do not meet the
established volume thresholds required for traditional retail lockbox
processing."
Business customers also benefit from online access to check and remittance
detail on processed retail transactions, along with check, remittance detail,
correspondence and envelopes for processed wholesale transactions. The images
are available either through EnternetBank, Mellon's private-label, Internet-
based information reporting and transaction initiation service; a CD-ROM
delivered daily, weekly or monthly; or by file transmission.
Mellon GCM provides a full range of cash management outsourcing solutions to
small, mid-sized and large financial institutions through its Enterprise
business unit. Available services include wholesale and retail lockbox,
controlled disbursement, positive pay, account reconciliation, data exchange,
electronic cash management information reporting, wire transfer and ACH
origination. Banks that private label/outsource cash management services can
realize the benefits of significant fee-based revenues, while avoiding
considerable capital investments.
Mellon Global Cash Management, a payments industry leader synonymous with
quality performance and known for its innovation and expertise, designs
comprehensive solutions through its broad line of cash management services to
meet the specialized treasury needs of corporations, nonprofit organizations
and financial institutions. Recently, an independently-administered customer
satisfaction survey revealed that Mellon GCM continues to distinguish itself
from its competition in the areas of operating quality, commitment to cash
management and customer service. In addition, Mellon GCM was one of only two
providers to achieve an A+ average for product performance in the 2004
Phoenix-Hecht(R) Quality Index(TM) of 33 major cash management providers.
Mellon GCM is the only electronic payments services provider in the U.S. to
complete both a Level 3 Capability Maturity Model(R) (CMM(R)) assessment for
its software engineering practices and achieve ISO 9001:2000 Registration. More
information on Mellon GCM is available at http://www.mellon.com/gcm .
Mellon Financial Corporation is a global financial services company.
Headquartered in Pittsburgh, Mellon is one of the world's leading providers of
financial services for institutions, corporations and high net worth
individuals, providing institutional asset management, mutual funds, private
wealth management, asset servicing, human resources and investor solutions, and
treasury services. Mellon has approximately $3.6 trillion in assets under
management, administration or custody, including more than $675 billion under
management. Its asset management companies include The Dreyfus Corporation and
U.K.-based Newton Investment Management Limited. News and other information
about Mellon is available at http://www.mellon.com/ .
DATASOURCE: Mellon Financial Corporation
CONTACT: Ron Gruendl of Mellon Financial Corporation, +1-412-234-7157,
or
Web site: http://www.mellon.com/
http://www.mellon.com/gcm