MOSINEE, Wis. - Wausau has signed a deal with San Mateo, Calif.-based Con-way Inc., a $4.2 billion freight-transportation and logistics services provider, for remittance solutions.
According to a news release, Con-way is using Wausau's ImageRPS solution to perform image exchange with two financial institutions. Con-way has adopted a remittance processing platform that is driving operating efficiencies through lower collection costs, improved exception handling, the availability of funds and reduced labor.
Con-way is now capturing 95 percent of all business-to-business payments received by check, Wausua said.
Wausau says it continues to realize growth in its remittance-solutions business, even as check-payment volumes continue to decline. With growing competitive replacements, Wausau says it now realizes more than one-third of the market share in both the retail and wholesale lockbox environments.
Since the beginning of the year, the company has added approximately 12 new competitive replacement customers, helping Wausau to add remittance transaction volume to its market share position. Recent replacement wins include a large Midwestern utility company, a Southeastern charitable organization, a Nebraska-based national bank, a California government entity, a Vermont-based financial institution, and a Southern telecommunications company.
Wausau's total estimated number of remittance transactions is expected to exceed 100 million annually.
