First Data’s REMITCO retail lockbox payment services division is adopting an enterprise-wide remittance platform, through a partnership with Wausau Financial Services to standardize its processing operations at eight nationwide lockbox centers, all of which handle roughly more than 60 million monthly payment transactions. “We see tremendous advantages in standardizing our lockbox processing with one partner," said Scott Dickey, president, REMITCO, in a statement. Both companies already had a three-year relationship, said Dickey, “and we feel this strategic move to standardize on one platform will position us for further volume and profitability growth.” The new platform will shift REMITCO clients to Wausau’s ImageRPS solution for accounts receivable conversion (ARC) decisioning and image-cash letter capabilities. The move in turn expands Wausau’s software into a full-service offering, and shifts hosting and WFS product development/testing duties to First Data.
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