LOS ANGELES--(EON: Enhanced Online News)--Union Bank, N.A., today announced the launch of Receivables Straight through Processing (Receivables STP) Solution for the company’s commercial clients. Receivables STP demonstrates Union Bank’s commitment to innovation and is a key component of the bank’s suite of comprehensive receivables solutions aimed at improving the overall receivables processing experience.
“Today some banks offer products that help the receivables process (i.e., lockbox and electronic services), but these alone are an incomplete solution”
Receivables STP is a receivables management solution that enables businesses to dramatically improve their working capital management. Receivables STP centralizes payments across all channels and automatically matches open invoices against payments allowing companies to reduce the manual effort associated with posting receivables and allowing them to focus on the true exceptions.
“Receivables STP provides efficiencies that are significant and have a direct impact on a company’s bottom line,” said Jesse Sandoval, senior product manager and vice president for Union Bank. “These efficiencies not only help unlock trapped working capital, they also reduce cost through automation and are influential in positioning companies for growth.”
The solution includes a robust translation engine and deductions management module that helps reduce losses associated with deductions and/or chargebacks. Users can review exceptions and make adjustments in real time, posting entries directly to their back office General Ledger (GLs). It includes an internal routing workflow engine allowing users to route exceptions to designated employees, accessing images for paper payments. Users can also access the web portal to create custom matching rules for individual trading partners, add or remove GL accounts, and using business objects, access the information collected and create custom reports.
The reporting module provides robust data mining features and analytical tools giving customers real time access to payments, invoices, remittance, images and status/history.
“Today some banks offer products that help the receivables process (i.e., lockbox and electronic services), but these alone are an incomplete solution,” said Hector Sandoval, unit manager and senior vice president at Union Bank. “Receivables STP goes beyond matching and lockbox. It provides an end to end solution that addresses each key step of the billing lifecycle.”
About UnionBanCal Corporation & Union Bank, N.A.
Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $105.5 billion at September 30, 2013. Its primary subsidiary, Union Bank, N.A., provides an array of financial services to individuals, small businesses, middle-market companies, and major corporations. The bank operated 422 branches in California, Washington, Oregon, Texas, Illinois, and New York as well as two international offices, on September 30, 2013. UnionBanCal Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG) (NYSE:MTU), one of the world’s largest financial organizations. In July 2013, American Banker Magazine and the Reputation Institute ranked Union Bank #1 for reputation among its customers. Visit www.unionbank.com for more information.