FOR IMMEDIATE RELEASE
ICBA Selects ProfitStars RemitPlus as Preferred Solution for Community Banks
Washington, D.C. (July 18, 2012)—The Independent Community Bankers of America (ICBA) today announced that it has expanded its Preferred Service Provider (PSP) relationship with ProfitStars® to include RemitPlus® Remittance/Lockbox™ service for community banks, providing them with a solution to decrease the time and expense of posting recurring payments to accounts receivable while simultaneously improving on-time collections and cash flow.
“As a valued Preferred Service Provider since 2008, ProfitStars has offered essential services to ICBA members including web design, hosting, and remote deposit capture,” said Dan Clancy, ICBA executive vice president of services. “ProfitStars remittance solutions will enable banks to expand their small business-oriented services and further strengthen the symbiotic relationship that community banks share with their small business customers.”
The RemitPlus Remittance/Lockbox solution combines remote deposit capture services with remittance processing to provide automated accounts receivable posting and electronic deposits. RemitPlus eliminates manual data entry by reading data from remittance documents such as checks and coupons, automatically identifying the customer account and transaction amounts, and generating a file for upload to the accounts receivable database. RemitPlus then deposits the payments to the business’ bank account through the ACH or Check 21 networks.
In addition to RemitPlus, the expanded relationship includes RemitCentral and RemitWeb solutions. RemitCentral enables the automatic posting of payments made through online services. RemitWeb allows the bank to provide lockbox services to small businesses that prefer to transmit scanned documents rather than deliver checks to the bank branch for processing.
According to David Foss, president of ProfitStars, “ProfitStars is committed to meeting critical business needs for ICBA member banks, and we continue to earn their stamp of approval for a variety of our solutions. Our remittance and lockbox capabilities are designed to scale to better meet the needs of the regional and small community banks, offering each one the advantage of sophisticated payment solutions. With this partnership, more banks can generate new efficiencies that extend down to their customers.”