Wausau Financial Systems, which has a 40 percent share of corporate receivables processing volume in the U.S., announced it was extending mobile payments to its remittance processing managed services, using lockbox technology from m-banking and payments provider Clairmail. The service will permit Wausau institutional customers to include payments via mobile phones as part of their receivables processing offering to corporate end-users.
According to Wausau, the new mobile-based option works through the issuance of a two-way alert message to the payer’s mobile phone with all the requisite remittance data (payee name, dollar amount and due date). Payers then reply to the message to instantly pay the bill from their mobile phone—speeding up payments well ahead of a typical lockbox turnaround of up to 21 days.
By putting the mobile payment features through Wausau’s ImageRPS remittance, the service also leverages ACH clearing and returns functionality.
