Remittance Processing

Client Need: A Fortune 500 company was experiencing growing delays in payment processing from consolidation of acquisitions (approximately six million payments monthly), which adversely impacted cash flow and customer service. In addition, management was interested in options for a long-term national payment strategy, and assistance with implementation of the approved strategy.

Solution: BenchMark developed a two-team approach to address client concerns. The stabilization team assessed the current operating environment, eliminated holdover, evaluated the need for a second shift operation, and developed key performance metrics and a staffing model. The strategy team developed national payment processing scenarios, completing the detailed design of the selected scenario including RFP and vendor evaluation criteria.

Results: BenchMark identified and implemented a national payment processing strategy, reduced customer service issues and eliminated payment processing delays.