CoBiz Financial Inc. plans to deploy a remittance-processing software program from vendor Wausau Financial Systems, Wausau is expected to announce Tuesday.
CoBiz, of Denver, plans to use Receivables360 for its Colorado Business Bank and Arizona Business Bank customers, Wausau said. The software, which aims to automate the imaging, routing and validation of payments, is expected to go live in May.
The platform will provide it with enhanced processing capabilities, Rod Young, the senior vice president of product solutions at CoBiz Financial, said in a press release. The program lets a bank's lockbox customers choose which data fields they want captured and displayed, as well as access to payment images and the ability to handle exception items.
"In a market where major capital IT expenditures are challenging to defend and improving profitability is always top of mind, outsourcing receivables can allow financial institutions like [CoBiz] to concentrate resources on more cost-effective and robust processing means," Kathy Strasser, the executive vice president of solution management for Wausau, said in the release.
CoBiz has 12 locations in Colorado and seven in Arizona.
