Wausau, a provider of distributed payments and remittance processing solutions, announced that San Mateo, Calif.-based Con-way Inc. 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, the $4.6 billion freight transportation and logistics services provider Con-way has adopted a remittance processing platform. The platform 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 percent 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’s ImageRPS solution offers 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, the company says.