MOSINEE, Wis., Aug. 1 /PRNewswire/ — WAUSAU, the industry leader in distributed payments and remittance processing solutions, announced that San Mateo, California-based Con-way Inc., a $4.2 billion market leader in freight transportation and logistics services, has selected WAUSAU as its remittance solutions provider.
Con-way is using WAUSAU’s ImageRPS solution to perform Image Exchange with two financial institutions and has taken advantage of best-case routing functionality.
With the WAUSAU solution, Con-way has adopted an innovative remittance processing platform, which is driving a number of operating efficiencies through lower collection costs, improved exception handling, timely availability of funds and reduced labor costs. Currently, Con-way is capturing 95% of all business-to-business payments received by check, while running ImageRPS in a one-pass environment.
Con-way’s business objective with the WAUSAU implementation was to eliminate unnecessary labor, reduce waste and move to a more automated environment, noted Dan Cincotta, assistant treasurer for Con-way. “The WAUSAU solution has enabled us to achieve substantial savings in banking fees and transit costs, as well as to lower the number of full-time employees associated with the cash application process. It has really helped expedite our remittance processing effort.”
WAUSAU and Con-way partnered to incorporate the most effective best case routing functionality into Con-way’s remittance processing environment. Because Con-way posts checks to two different financial institutions, best case routing was an essential deliverable from the ImageRPS solution. As a result of new innovations in the payments industry and alternative clearing channels, Con-way can now take advantage of decreased fees associated with processing Image Replacement Documents (IRDs) from each financial institution.
WAUSAU continues to realize growth in its remittance solutions business, even as check payment volumes continue to decline. With growing competitive replacements, WAUSAU now realizes over one-third of the market share in both the retail and wholesale lockbox environments.
“We are extremely pleased to be able to work with Con-way to develop the most effective remittance solution to deliver measurable labor savings and improved operating efficiencies,” said Nancy Langer, President – Enterprise Financial Solutions for WAUSAU. “The ImageRPS application is allowing Con-way to take advantage of Image Exchange and best case routing, and is reinforcing Con-way’s position as the innovative technology leader in the transportation industry.”
WAUSAU’s ImageRPS solution offers advanced transaction technology that is flexible and scalable for the customer, whether an organization receives recurring business or personal checks, partial- or full-remittance payments, or single check or full-page transactions. WAUSAU customers continue to dominate the industry in Accounts Receivable Conversion (ARC) generation and annually generate more than 35% of all ARC transactions on the ImageRPS application.
WAUSAU is a premier provider of payment and remittance processing solutions, serving businesses of all types to develop strategies that move money faster. With its products, services and consulting, WAUSAU works with customers to speed check processing, electronic presentment, ACH payments, transaction processing, distributed capture and enterprise content management. WAUSAU’s innovative solutions provide results for a wide range of organizations including financial institutions, insurance companies, utilities, retail businesses and governmental agencies. Find more information about WAUSAU at http://www.wausaufs.com/.
About Con-way Inc.
Con-way Inc. (NYSE:CNW) is a $4.2 billion freight transportation and logistics services company headquartered in San Mateo, Calif. Named FORTUNE magazine’s “Most Admired Company” in transportation and logistics for 2007, Con-way delivers industry-leading services through three primary operating companies: Con-way Freight, Con-way Truckload Services and Menlo Logistics. These operating units provide high-performance, day-definite less-than- truckload and full truckload and intermodal freight transportation, as well as logistics, warehousing and supply chain management services, and trailer manufacturing. Con-way Inc. and its subsidiaries operate from more than 500 locations across North America and in 20 countries. For more information about Con-way, visit us on the Web at http://www.con-way.com/.
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