PROJECT INFORMATION
The Bank resolved all their issues, 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 Bank operates an efficient and low stress operation that processes 2.6 million items a day with 10 OPEX Eagles and 84 OPEX workstations over two sites.

B of A Statement:
“I would much rather work with RenovoPay as a vendor than any other vendor. RenovoPay is responsive and is the only vendor I have seen who shares. ideas on better ways to do things. I have been with the Bank for years so I have had to deal with a lot of vendors and the relationship with Renovo is such a pleasure. In my experience, the usual responses I get from other vendors is “Sorry, the software doesn’t work like that”, or, “We’re not going to change it.” We have worked very well with RenovoPay and the product is better because of this type of relationship.”

The PayData Prescription for Suffering Sites

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

Challenge Given

RenovoPay was contracted by Bank of America 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, 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.

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.

PROJECT INFORMATION

“RenovoPay’s product has provided our bank value. This has allowed the bank to process Lockbox items mailed to the bank, while also allowing bank customers the ability to process business functions/deposits remotely from their locations. The bank and its customers have benefited from RenovoPay’s solution through automation, full reporting capability, and full audit and timeline monitoring of the combined operation.”

Project Information

This Bank processes all types of Wholesale, WholeTail and Retail accounts

PROJECT INFORMATION

• Prior to RenovoPay, AAA Carolinas outsourced the imaging process.
• The outsourced Lockbox was able to process AAA standard transactions in a timely manner. However, exception transactions had to be processed by AAA.
• In 2003, AAA Carolinas management made a decision to bring membership payment processing in-house.
• RenovoPay was selected based on its innovation and its ability to configure a solution that accommodates numerous business rules.
• RenovoPay was known for great support and flexibility.

AAA processes Membership and Insurance

RenovoPay’s solution is used to process both standard and exceptions in-house as follows:

• All standard and exception items are scanned together.
• The exception items are automatically classified by exception type.
• An image of each exception (business rule) is delivered to an operator for resolution.
• AAA Carolinas’ Customer Account System is updated with all transactions.
• All deposits are electronically posted in the bank using Renovo’s Check 21 solution.

Some Benefits:

• 100% Browser-Based Solution enables operators to process remotely.
• 96% plus CAR/LAR correct read rate is realized.
• Increase in kills (i.e. 92% plus for renewals).
• Transaction processing over batch processing increases operator flexibility.
• Increased exception processing functionality.
• Exception Management & Reporting.
• Exceptional Image quality.
• No re-scans or pre-annotation is needed for lightly printed payments.
• Full Audit and TimeLine tracking is provided.
• Complete infrastructure and operator monitoring available to all operators.

PROJECT INFORMATION

RenovoPay has superior customer service unmatched by any other vendor we currently use in the City Treasurer’s Office. We having been using RenovoPay’s solution for almost 10 years now and are very satisfied with RenovoPay’s products and support.

PROJECT INFORMATION

As a national top 5 print distributer, The Sourcing Group (TSG) is presented many opportunities.  We are always looking ahead to technology solutions to present to our clients.  TSG handles various print and mail clients to send out bill, notices and statements.  One of the solutions that we presented to our clients is a lock box service, in addition to our data base management and mailing services.  RenovoPay came to our attention as a nimble payments provider that is willing to take on a challenge.  They are small enough to be VERY accommodating, as well as large enough to handle any size corporation.   Not only did RenovoPay build a Subscription Management system for 30,000 customers in a couple of months, but they also improved processes along the way, meeting all challenges that the customer put forth. RenovoPay also setup a Lockbox Outsourcing service. I am very pleased with our accomplishments and look forward to further growth.

PROJECT INFORMATION
“RenovoPay has provided outstanding customer service for the City of Greensboro since 2000.
Technical support is always a major concern for us and it is reassuring to know that we can always rely on the support staff at RenovoPay to be available when needed and to follow through until the issue is completely resolved!”

PROJECT INFORMATION

“This Bank, a Florida Bank has utilized RenovoPay’s solution for the past 7 years. We have successfully grown our lockbox line of business by taking advantage of the many features their product offers.”
“Recently we have decided to work directly with the RenovoPay’s team rather than through our core provider. Now that we have direct access to RenovoPay we realize what outstanding customer service and technical support they provide.”
“We can rely on them to be available if we need them and they are proactive in helping resolve any requests we have. They are very willing to take our suggestions into consideration in order for their product to exceed our needs.”
“Thank you RenovoPay for providing great service!”