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Union Bank Wins Monarch Innovation Award for Remote Deposit

In March 2010, Union Bank's Commercial Product Management and Development division won one of seven Monarch Innovation Awards granted annually by Barlow Research Associates, Inc. The awards recognize financial institutions and industry partners that provide the most innovative products to business customers and recognize thought leaders who create and promote innovation within their organizations.

Union Bank's winning product, Remote Deposit with Account Receivables Integration, received an Honorable Mention in the Product category for simplifying the customer's electronic deposit process by using Union Bank's Remote Deposit product to update and reconcile accounting software programs.

Product Benefits

Remote Deposit with Account Receivables Integration gives our business customers the ability to scan checks and electronically submit the images as deposits to Union Bank. Benefits include:
  • Faster access to deposited funds
  • Extended deposit deadlines
  • Reduced courier and check-handling costs
  • Reduced banking fees
For business customers who use QuickBooks® and similar accounting software to generate billing invoices and record keeping, the integration of Remote Deposit and QuickBooks enables them to electronically submit their deposits and reconcile their account receivables in one process flow.

Implemented in April 2009 by Union Bank Senior Product Manager Dean Bui, Remote Deposit with Account Receivables Integration provides small business and middle market customers with straight-through processing for their deposits by integrating multiple workflows.

"We took advantage of new technology to merge two completely separate labor-intensive and time-consuming processes," says Dean. "Our business customers enjoy greater efficiency by launching Remote Deposit directly from QuickBooks to scan and submit their deposits and apply the payments to outstanding invoices in QuickBooks without having to toggle between applications. The integration of multiple processes saves time and reduces entry errors by eliminating manual posting and reconciliation of payments."

Union Bank was one of the first U.S. banks to adopt electronic check processing, in 2006. It is a key component of the bank's payment operations strategy, especially the paper-to-electronic migration of checks to images, and was quickly picked up by customers nationwide. In the first quarter of 2010, we had more than 1,400 Remote Deposit customers in 20 states and 173 cities across the country. The bank now processes more check images than physical checks.

The bank also offers Image Cash Letter to Treasury Management customers who produce a high volume of checks. This product enables customers to send deposit files to Union Bank that are in industry standard file formats, which gains efficiency.