First Data/Wasau Financial Team for Remittance Processing Agreement

First Data - First Data & Wausau Financial Systems Expand Relationship

DENVER/MOSINEE, WIS., Oct. 16, 2008 - Remittance processing partners, WAUSAU Financial Systems (WFS) and REMITCO LLC, a wholly-owned subsidiary of First Data Corp., have entered into a new agreement that expands WFS' proprietary software solutions into a full service offering.

Under the agreement, WFS will provide multiple levels of service that allow organizations to choose end-to-end remittance processing or a more limited solution that can grow over time. The expanded solution can be used by a number of industries, including financial services, utilities and insurance companies.

First Data, a global technology leader in information commerce, will host the software environment, manage the service facilities, and provide the labor necessary to process the transactions. The agreement also calls for First Data to beta test new WFS product development and new releases and upgrades to the software.

The WFS payments solution is third-party accredited as being best-of-breed by Celent and Aite Group. The WFS remittance solution supports nearly 4 billion transactions annually. REMITCO has used the WAUSAU Financial Systems software within its lockbox network for nearly five years.

"Funding internal resources to keep up with technology advances has proved challenging for both large and small organizations. This expanded relationship provides both corporate and financial institutions with innovative solutions that increase efficiencies and reduce costs, thereby allowing businesses to reinvest capital dollars and grow," said Joe Delgadillo, president and CEO for WAUSAU Financial Systems. "This partnership is now uniquely positioned to provide superior solutions and services to the market and we are pleased to be partnering with First Data to do so."

"With WAUSAU Financial Systems, we saw a tremendous opportunity to build on our existing technology relationship to deliver innovative new technology and expand the services available," said Sally Else, general manager of First Data's Issuing and Payment Services. "This is a great example of First Data's commitment to constantly seek innovation and new technology in all that it delivers to the marketplace

 

Editors Note:  Speaking of Remittance, Look for a Post examining HomeATM's HomeRemittance Program.  I personally used this service myself and it's quite interesting.  Just need to take a few screenshots and a couple digital shots of HomeATM's SwipePIN device in action and I'll take you through the whole process...  JBF

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