The PayData Prescription for Suffering Sites

RenovoPay’s PayData Solution Improves all aspects of a large Lockbox operation 

Challenge Given

RenovoPay was contracted by a large financial institution with a task to improve the efficiency of their lockbox operation. Two site operations process 2.6 million items on peak days. Specifically, to improve accept rates and improve the efficiency of personnel and equipment without adding any additional hardware. The result is the foundation of today’s version of PayData. Since this successful implementation of our solution, we have rolled it out to the industry and continue to add additional features and improvements in accordance with our strict development charter and customer-driven requirements as described on page 13 in this document.

This Site was, and more Sites continue to suffer from Disorganization

• Failed Audits
• Expensive updates
• High maintenance fees
• Poor image quality
• Re-Scanning Images on another scanner due to poor image quality on the primary scanner • Low CAR/LAR / MICR read rates
• Low Accept rates due to low read rates
• Manually pulling items due to poor image quality and the need to process special transactions • Manual exception processing
• Manual paper handing/shuffling
• Lost documents
• Different software versions among sites
• Post Office sorting errors Low Car/Lar rates
• The costly and mundane task of pulling and average 7,000 exception items per day due to poor image quality and  manually processing exception items
• Missing Service Level Agreement criteria
• Excessive latency between scanning & deposit completion
• Excessive need of onsite and off-shore personnel
• Excessive physical space to process transactions.
• Obsolete internal infrastructure & expensive equipment for off-shore keying
• Multiple obsolete Databases and Programs
• Dedicated scanners to detect duplicates
• Incomplete and inefficient equipment, operation and personnel activity monitoring
• Little or no audit information of equipment, personnel, and transaction information.
• Inaccurate Change of Address detection

This Site recovered with our Prescription Our solution resolved all the issues above, reduced the staff, cut operating cost, eliminated equipment, eliminated  obsolete databases, eliminated the need to install software on workstations and improved every aspect of the entire  operation. Now with RenovoPay’s solution, the client operates an efficient and low stress operation with 10 OPEX Eagles and 84  OPEX 36/7200s over two sites.