Sandy Spring Bancorp (SASR) in Olney, Md., has selected the wholesale lockbox outsourcing services of Wausau Financial Systems for its banking unit.
The wholesale lockbox, which includes Receivables360, will allow the $3.7 billion-asset Sandy Spring Bank to process every form of payment with automated imaging, routing and validating. This should mean increased cash flow, reduced capture time and improved exceptions handling, Wausau said Wednesday.
Financial institutions can grow recurring fee-based revenues with Wausau's wholesale lockbox by entering into new vertical markets such as healthcare and property management, expanding their geographical footprint through a nationwide capture network and offering corporate customers integrated receivables, the Mosinee, Wis., company said.
Sandy Spring bank has 43 branches in Maryland and northern Virginia. It will begin using the wholesale lockbox this spring.