Salem Five Bank Taps WAUSAU‘s “Best of Breed” Remote Corporate Capture Technology with Live Launch of ASP

Printer-friendly versionPDF version

Mosinee, WI - 02/09/2007WAUSAU, the industry leader in distributed payment and document processing, announced that Salem Five Bank, in Salem, Massachusetts, has selected WAUSAU’s web-based Remote Corporate Capture solution to enhance its cash management services.

With assets totaling nearly $2.4 billion, Salem Five will use WAUSAU’s WebDDL™ Application Service Provider (ASP) solution as the basis of its Salem Five Remote Deposit Service offering. This new service allows Salem Five’s commercial customers to scan checks at their business locations and electronically transmit that information to Salem Five for deposit.

“As a technology leader, we strive to provide our customers with the most advanced technology solutions available,” stated Dawn Dillon, Chief Information Officer and Senior Vice President of Salem Five Bank. “We looked for a proven provider that has demonstrated leadership in remote deposit capture functionality. WAUSAU’s solution was recently named ‘Best of Breed’ among remote deposit capture solutions by Celent, a respected analyst group. As a highly rated product, delivered by professional personnel, we felt this was the best choice for our customers.”

This exciting new offering provides Salem Five customers with a first class solution, allowing the bank to service middle-market companies in a wide geography. A customer no longer needs to have a branch located around the corner, since there are no restrictive geographic “footprints” for depository relationships.

“Salem Five has a rich history as a leading innovator, including adopting cutting-edge technology to provide enhanced cash management services for its clients. We are pleased to have the opportunity to work with Salem Five to develop an innovative payments solution by implementing this ASP version of our Remote Corporate Capture suite in the organization,” said Nancy Langer, President – Enterprise Financial Solutions for WAUSAU.

WAUSAU’s Remote Corporate Capture suite is designed for the remote capture of deposits and remittance payments. WAUSAU offers both in-house and ASP options with a defined migration path for customers that want to get to market quickly with an ASP and then move in-house as volumes grow.

“The Salem Five Remote Deposit Service is in high demand among middle-market companies, one of our fastest growing sectors,” said John Hall, Senior Vice President of Commercial Banking for Salem Five Bank. “For a small business, a check scanner means that they can deposit checks in a few minutes and it’s a real time saver. For middle-market companies, remote capture provides a way to concentrate more of their check processing, no matter how many locations they have. We can now accept deposits from remote offices of locally headquartered companies, which opens up a new competitive landscape for us.”

The Remote Deposit Service adds value for Salem Five’s commercial customers, offering greater convenience and speeding cash flow. This new application eliminates many of the costly steps associated with traditional business banking, including transportation and related labor costs. Through this new offering, Salem Five hopes to deepen its existing client relationships and broaden its appeal to new customers in expanded market areas.

“This solution is just one example of how Salem Five listens to its customers,” said John Hall, Senior Vice President of Commercial Banking. “This is a product that will have widespread adoption among our customers. At first glance, one might assume that remote deposit capture will benefit only the larger companies with more checks to deposit. However, for small companies with fewer employees in the office, saving a trip to the bank and being able to scan and electronically send deposits can be of tremendous value and appeal.”

The application uses advanced image capture functionality, image quality and usability, image workflow, configurable business rules and intelligent character recognition to reduce customer keystrokes. The ASP offering, which includes unique branding for each financial institution, provides world-class security and reliability, utilizing multiple data centers for disaster recovery. This application also includes duplicate item detection capabilities, advanced fraud protection features and comprehensive audit information.

About Salem Five Bank

Founded in 1855, Salem Five operates 19 branches in Salem, Beverly, Boston, Danvers, Hamilton/Wenham, Lynn, Malden, Marblehead, North Andover, Peabody, Saugus and Swampscott, and will soon open its 20th branch in Middleton, Massachusetts. With $2.4 billion in assets, Salem Five is the third largest independent Bank headquartered in Massachusetts. Salem Five provides customers with a full range of retail and commercial banking products and services. In addition, Salem Five operates Salem Five Mortgage Corporation, LLC, a mortgage banking company with offices in Massachusetts, Maine, New Hampshire, and Rhode Island. Salem Five Mortgage Corporation services $1.5 billion in loans for investors and is the largest Fannie Mae Seller/Servicer headquartered in Massachusetts. Salem Five Investment Services, LLC offers stocks and bonds, mutual funds, asset management accounts, annuities, domestic and foreign securities, as well as financial and retirement planning, portfolio review and professional money management services. Salem Five Boyle Insurance offers a complete line of personal and commercial insurance services. Find more information about Salem Five atwww.salemfive.com.

About WAUSAU

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 atwww.wausaufs.com.

News Source : Salem Five Bank Taps WAUSAU‘s “Best of Breed” Remote Corporate Capture Technology with Live Launch of ASP