WAUSAU Financial Systems announced the debut of its Paperless Treasury solution, which will enhance the customer’s treasury management experience. Treasury management is considered the most paper-intensive processes in any bank.

The announcement was made at the Association of Financial Professionals (AFP) Annual Conference, WAUSAU Financial Systems.

In a release Jim Brockett, CIO for Washington Trust Bank said, “The promise of a paperless treasury solution offering allows financial institutions, like us, to enhance the business customer’s experience by improving operational efficiencies related to treasury order fulfillment and expediting response time to inquiries surrounding documents or data.”

The use of paper starts from the very first customer and sales interactions. Previously while dealing with new customers, Treasury sales staff had to prepare, print and carry all the documents they might potentially need to close deals to their customer or prospects’ offices. This was a waste as most documents may not be used ever again and also it consumed a lot of time, said officials.

The WAUSAU’s Paperless Treasury solution helps in completing a business on an iPad itself. This avoids time waste, printing and paper-pushing. Treasury sales executives can carry all of the paperwork they need electronically on the iPad to initiate orders and conduct the signing process at the customer’s office.

The incorporation of e-Signature technology in the WAUSAU application helps in getting a secure bio-metric signature which can be automatically used in all relevant documents. The signed documents can be transmitted wirelessly back to the bank’s office for processing. The built-in workflow management solution distributes the document allowing for the processing to be done even before the sales representative comes back.

WAUSAU’s Paperless Treasury extension upgrades treasury document management into a singular electronic process, eliminating use of paper and making it cost effective, emphasized officials.

Gary Cawthorne, president of WAUSAU Financial Systems stated, “The paper trail that both financial institutions and corporations are leaving in their wakes is cause for concern from a security, efficiency and cost-related standpoint, and delays processes and response time to customer inquiries.”

WAUSAU’s extension of its paperless solution to include treasury management serves both financial institutions and corporations. They now benefit from better customer interaction, a lowered risk of fraud and a decreased paper trail, pointed out Cawthorne.

In related company news, Wausau Financial Systems and Mitek Systems (News - Alert), a developer of advanced-image analytics and mobile-document-capture applications for smartphones, entered an OEM agreement in 2010. This agreement enables Wausau to offer Mitek’s mobile Remote Deposit Capture (RDC) capabilities to financial institutions nationwide.