SunTrust Bank Accelerates Receivables and Improves Access to Treasury Management Documents
SunTrust Banks, Inc., with total assets exceeding $170 billion, is one of the nation’s largest and strongest financial services holding companies. Atlanta-based SunTrust Bank provides deposit, credit, trust, and investment services to a broad range of retail, business, and institutional clients. Other subsidiaries provide mortgage banking, brokerage, investment management, equipment leasing, and investment banking services.
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The Problem
SunTrust was looking for a new platform to present remittance information along with the check for their lockbox customers. These documents are essential for account reconciliation and SunTrust knew they could improve their overall corporate customer experience by providing them online access to these documents. Unfortunately developing a new solution internally was projected to take months or even years, time that SunTrust did not have so they turned to PaperHost for help.
The Solution
PaperHost was able to deliver a complete turn-key solution using their online document management system in just 90 days for a fraction of the upfront cost of developing a new solution internally. The new system provides easy access for corporate customers to check images and related remittance documents with just a few clicks. Now, all the paper that flows into a SunTrust customer's lockbox is available for viewing by authorized users.
Summary
As hundreds of thousands of customer checks arrive at the SunTrust operations centers, all of the contents of the envelopes (often including the envelope itself) are scanned and uploaded to the PaperHost platform.
SunTrust customers access the documents via their online accounts and a seamless integration with the SunTrust branded custom interface. From the portal, they can quickly and easily research the source documents that help them apply cash receipts correctly to streamline and accelerate their receivables cycle. A standard document management lookup feature permits complex queries for specific documents by content, keywords or full text search.
