Bank of Nevada
Creditron lockbox solution aids bank's treasury management growth.
Headquartered in Las Vegas, Bank of Nevada is a $3 billion “super community bank” that provides a broader array of products and services than a traditional community bank. Since its founding 13 years ago, the bank’s mission has been to deliver services that create value while exceeding the customer service expectations of its clients. From its broad product suite to its large credit capacity and concierge-style service for commercial and retail clients, Bank of Nevada strives to be the best bank in its region, with the highest standards and capabilities.
"It’s all about improving how we serve our clients," said Barry Park, VP of Data Processing Manager. "We take pride in offering the same services as large banks, but in a more personal way."
Getting Down to Business
Today’s banking industry is fiercely competitive. To maintain its competitive edge, in 2004 the bank decided to implement Nevada’s only locally-based post office box for lockbox payments. Before then, lockbox payments were processed only in Arizona and California, which meant out-of-state post office boxes and frequent delays in funds availability.
"To many organizations, smart treasury management simply means billing quickly and making sure there’s more money coming in than going out. But that’s just the beginning," said Park. "As Bank of Nevada clients know, there are many treasury management strategies businesses can use to improve cash flow and minimize fees while optimizing cash balances. Lockbox processing can help businesses get ahead of the game."
After months of evaluating lockbox solutions from five vendors, Bank of Nevada chose RP$ from Creditron in August 2004. The implementation began just two months later. "We were impressed by the functionality, price and high levels of service offered by the Creditron solution," said Park. "Creditron was a very natural partner for us."
In early 2005, Bank of Nevada began live production with its RP$ lockbox platform running on an NCR iTRAN 300e document sorter. The system is extremely efficient and flexible, providing integrated wholesale and retail lockbox processing and support for scanning full-page documents such as invoices and healthcare remittances (EOBs).
RP$ offers Bank of Nevada a wide spectrum of other features, including courtesy and legal amount recognition, hotfiles, automated messaging, the ability to view transaction images via the Web and multi-bank and fine-sort capabilities. This feature automatically sorts checks after they are processed and inserts prepared deposit tickets for each depository institution. For Bank of Nevada, multi-bank functionality is key to processing work on behalf of particular lockbox accounts that require payments to be deposited into more than 100 different bank accounts.
Bank of Nevada also uses Creditron’s RightPass module, which combines the benefits of one and two-pass transaction systems by automatically processing matched or balanced payments in the first pass. Exceptions are out-sorted to a second pass for image data completion. With RightPass, Bank of Nevada is completing 65 to 70 percent of its items on the first pass, greatly improving processing times, system efficiency and reducing paper handling.
Better Banking through Technology
With RP$, Bank of Nevada’s lockbox service has achieved meteoric growth. From just one lockbox client and a processing space in the basement of the bank’s main building, Bank of Nevada has added more than 150 lockbox clients, representing over 250,000 items per month. In addition, the bank has added scanners and moved its lockbox department to a new building that can support future growth. Bank of Nevada attributes the growth to “word-of-mouth” and the positive effect of holding an “operations open house” for its business development staff to demonstrate RP$ and the work it can handle.
There's a lot for business accounts to like. "We retrieve, process and deposit funds daily, so there’s no delay getting money into a client’s account," said Park. "All deposits are imaged, so they’re available for viewing via the Web on the same day. Information also can be gathered from check and remittance coupons and formatted into a data file. Clients can review deposit reports on CD to see who and what has been paid."
"RP$ has reinforced our reputation for doing more for our commercial clients," added Park. "Every day it helps us deliver outstanding customer service."
The bank's current lockbox volume includes city utility payments, homeowner's association dues, medical payments, lease payments and basis accounts receivables transactions. While the bank has emphasized RP$'s ability to automate recurring payments with remittance coupons, Bank of Nevada also processes many transactions that include 8 ½" x 11" invoices.
- Integrated retail and wholesale lockbox processing platform
- Support for scanning of full-page documents such as invoices
- Improved service through Web access to transaction images
- Significant scalability without adding people or equipment
- Streamlined process for multi-bank deposits
- Increased efficiency, reduced paper handling with RightPass
- Automated alerts for clients to retrieve files and reports
- Fast new account setup
- Achieved a treasury management growth strategy
- Established the only locally-based post office box for payments
- Grew from one to over 150 lockbox clients in three years
- Recognition as an innovative "super community bank"
- Established an adaptive platform for future growth and needs
Bank of Nevada anticipates continued growth of its lockbox services and is confident that RP$ will be ready. "With RP$, we are satisfied that we are delivering enhanced services to our customers, while maintaining efficiency," said Park. "Our confidence in Creditron and its technology was a key factor in our decision to install the RP$ system and that confidence has not wavered. We look forward to a long partnership."
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“The Creditron ItemAge Express lockbox solution has been win-win for us all the way.”
VP of Data Processing Manager
Bank of Nevada