IA Corp. said First Union Corp. of Charlotte, N.C., will begin running a pilot of its RemitVision lockbox software this summer.
With RemitVision, First Union will be able to streamline its retail lockbox operations and eventually offer new wholesale lockbox services to corporate customers, IA said.
The ability to integrate retail and wholesale lockbox systems is a key selling point of the software, said IA. Other customers include GE Capital Bank Corp., Sanwa Bank California, UMB Bank of Missouri, and Wachovia Corp.
"First Union decided to focus on increasing efficiencies of its lockbox remittance processing while adding value-added customer services," said Richard C. Penland, senior vice president and head of the $143 billion- asset banking company's Servicenter division. "RemitVision provides a robust and highly flexible platform to tailor our product offering to each lockbox customer."