WYOMISSING, Pa., April 24 /PRNewswire/ -- Sovereign Bank today
officially unveiled a new program of onsite electronic banking solutions,
which are designed to enhance convenience for businesses by bringing
banking capabilities directly to their locations.
"No longer are companies reliant upon brick and mortar to do banking,
nor do they need to be constrained waiting for their bank to deliver time-
sensitive information," says Marshall Soura, executive vice president and
Global Solutions Group managing director for Sovereign Bank. "Our
integrated solutions help businesses make the shift from paper to
electronic processing, allowing receipts, payments and information to be
managed more efficiently."
Sovereign's Onsite Banking solutions, which bring automation to various
phases of the payments cycle, include the following:
Onsite Check Deposit(TM) - Using a desktop scanner, businesses across
the U.S. can deposit checks directly from their offices into their
Sovereign accounts. Customers scan checks received from their creditors and
electronically transmit these images to the bank, where they are processed
through the clearing system.
Sovereign's service is built entirely on a Web-based platform. Unlike
thick locally installed software, where functions can only be performed on
the single PC housing the software, Sovereign's thin solution allows
authorized individuals at a company to conveniently review checks and make
adjustments from any PC with an Internet connection. Additionally,
customers can realize end-to-end processing through the export feature,
which allows invoice information to be directly uploaded to their accounts
receivables system.
Len Goodman, Senior Vice President and Director of Global Solutions
Product Management for Sovereign Bank, indicated that "Onsite Check Deposit
allows businesses to take advantage of the benefits of Check 21. These
include improved availability, reduced costs and more efficient processing,
as they no longer need to physically transport checks to the bank. While
Onsite Check Deposit can prove beneficial to a company with a single
location, those requiring multiple depository banks to accommodate
different geographic locations may realize even greater benefits."
Since its rollout in December 2005, customers most often cite
dependability of the system and their ability to reduce collection float as
key benefits of Sovereign's Onsite Check Deposit service. Corvette America,
a manufacturer and global distributor of Corvette products to the
automotive aftermarket, chose to use the Onsite Check Deposit service when
their company relocated headquarters to Reedsville, PA. Dave Hall,
President of Corvette America, said, "Sovereign's Onsite Check Deposit
service has streamlined our entire cash handling process. We can now make
check deposits without leaving the office and have expedited availability
of those deposits by approximately two banking days."
Onsite Official Check(TM) - Designed to provide a timely,
cost-effective payment option, Onsite Official Check benefits businesses
that need to issue guaranteed funds in the form of a paper instrument.
Typical businesses that may benefit from the service include mortgage
companies, auto dealers, insurance companies, etc. for use in funding new
mortgages, paying-off existing loans or settling insurance claims.
The flexibility of Onsite Official Check allows businesses to create,
approve and print Official Bank Checks via secure, Web-based technology -
with any combination of these functions being fulfilled at either the
company's headquarters, subsidiary or field locations, depending on their
internal structure and control requirements.
Specially modified MICR printers and free blank check stock are placed
in locations the company chooses. Built-in security features include
separation of duties through user-level identification and functionality
access, verification of available balances during the approval process,
proprietary information generated only when a check is printed and
immediate electronic confirmation once a check has been printed.
Automated Alerts and e-Statements - These value-added services, offered
free to Sovereign customers, allow businesses to maximize efficiencies by
receiving electronic notification of time-sensitive bank information as
soon as it is available. Information is stored on a Web-based platform,
enabling users to access the information from any location at their
convenience.
Automated Alerts immediately notify businesses, through e-mail or cell
phone messaging, when pre-set balance criteria are met and/or incoming
wires are received. The information can then be acted on to maximize daily
cash positions. These secured messages are encrypted and require a password
to access.
The e-Statement service uses e-mail to alert customers when their
statements are ready. Through a secure Web site, customers can then view,
sort, print and download up to 12 months of statement activity in a variety
of formats. Len Goodman indicated that "Over 300 businesses are already
using Sovereign's e-Statement service to electronically access account
statement information as soon as it is produced by the bank. Customers
appreciate electronic delivery since their statements are available up to
two weeks earlier than receiving a paper statement through the mail. This
gives them a jump on their reconciliation process and lets them close their
books far earlier than in the past."
Companies designate an e-Statement administrator, who can entitle
multiple users with access to information for specific or all accounts.
User activity is auditable by means of individual logins and passwords.
Later this year, Sovereign plans to add account analysis statements and
check image retrieval to its e-Statement service.
"As the treasury management industry continues to evolve, Sovereign's
Onsite Banking services are another example of our commitment to deliver
innovative solutions that meet the changing needs of our customers," says
Soura. "We will continue to invest in technology that brings new
capabilities and improved efficiencies to our customers."
Sovereign recently announced an Onsite Banking account opening service
for businesses. First to market with this innovative solution, Sovereign's
Onsite Banking account opening service allows accounts and other commercial
services to be electronically opened from a customer's location.
About Global Solutions Group
Sovereign Bank's Global Solutions Group (GSG) provides a full array of
traditional and innovative cash management and trade services to fulfill
the global needs of businesses and institutions. GSG services include
collections, disbursements, short-term investments, payroll, merchant
services, letters of credit, documentary collections, trade finance, and
interactive reporting and transaction initiation.
About Sovereign Bank
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent
company of Sovereign Bank, a $64 billion financial institution
headquartered in Wyomissing, Pa., with more than 650 community banking
offices, over 1,000 ATMs and approximately 10,000 team members with
principal markets in the Northeast United States. Sovereign offers a broad
array of financial services and products including retail banking, business
and corporate banking, cash management, capital markets, wealth management
and insurance. Sovereign is the 18th largest banking institution in the
United States. For more information on Sovereign Bank, visit
http://www.sovereignbank.com or call 1-877-SOV-BANK.
Sovereign Bank, its logo and lantern are service marks of Sovereign
Bank or its affiliates or subsidiaries in the United States and other
countries.
SOURCE Sovereign Bank
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Related links:
http://www.sovereignbank.com
CONTACT:
Ellen Molle, Sovereign Bank, +1-617-757-5573,
Cell: +1-617-548-9932, or emolle@sovereignbank.com
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