Major Remittance Study Released

Results from a landmark remittance processing study identify “benchmarks and best practices” for more than 100 remittance operations sites in the united states

BOSTON (PRWEB) November 11, 2005 -- Results of a landmark Study reveal that "Continued adoption of higher speed image-based remittance processing systems has improved both the quality and cost effectiveness of lockbox operations by 11% since 2001 when the study was last done." The newly released 2005 Remittance Processing Benchmarking Study reports on the results of a comprehensive survey conducted by The Association for Work Process Improvement (TAWPI) and Dove Consulting.

"The purpose of this study is to gather information which can help remittance processors assess their performance relative to their peers," said TAWPI President Frank Moran. "In addition to questions drawn from the 2001 study, this analysis is more reflective of recent changes in the remittance processing environment such as ARC and Check 21."

"This research was conducted to provide remittance processing professionals and solutions providers information that is relevant to the current environment," said Edward Bachelder, Director of Research and Analytics with Dove Consulting. "Data were collected to provide corporate billers, banks and lockboxes an opportunity to learn how changes are affecting leading remittance processing operations and identify Best Practices that may help them prioritize improvement efforts for their own operations."

The primary focus of this study is the processing of paper-based payments in a lockbox environment. Highly specialized RP operations need to focus on primarily paper processing and therefore do not generally benefit from the shift from check-based payments to electronic methods. However, lockbox operators are implementing ARC and benefiting from the conversion of checks into ACH debits. Others are examining using Check 21-enabled check image clearing technologies to truncate checks at the lockbox and anticipate saving transportation and physical handling expenses for their organizations and their customers, once image exchange reaches critical mass – which is anticipated to occur in the 2007-2008 timeframe.    

The comprehensive 160-page report was sponsored by a number of premiere industry vendors including Advanced Financial Solutions, Jack Henry & Associates, J & B Software, JP Morgan Chase & Co., OPEX Corporation, Unisys Corporation and Wachovia.

To download an Executive Summary and order the full report, click here http://www.tawpi.org/remittanceStudy.html

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