A large Las Vegas casino, wanted to improve its operations and find a cost-efficient solution for payments. The casino was incurring undue expenses and fees due to routing errors and returned checks that would need to be corrected and processed manually
Key Challenges
The client described their efforts to verify domestic bank information as “tedious and time-consuming” under their legacy system. Their payment processing department incurred a large amount of bank processing fees as well as fees for returned items since their prior system did not provide accurate or complete routing number and branch location information. Referencing bank and account details proved to be daunting task for associates in the company’s credit department.
Proposed Solution
The client’s needs were met with two information verification products. First, a team of technology specialists integrated the Routing and Transit Number File by Accuity into the customer’s existing systems. The solution enabled users to verify ABA routing numbers for financial institutions and all of their existing branch locations. In addition, this solution contains many detailed elements essential to accurate payment processing, such as location and contact information.
Next, Accuity provided the client’s credit approval department with access to The Global Banking Resource™ (TGBR). TGBR is an online look up tool that provides access to a comprehensive, global database of financial institutions, including contacts, correspondents, subsidiaries, affiliates, financial and payment information.
“The credit department now has access to all available routing numbers, branch bank information and telephone numbers for exception items and sameday settlement instructions, increasing efficiency and lowering the number of exception items significantly.”
Results
By replacing the casino’s legacy system data with the Routing and Transit Number File by Accuity, the credit department now has access to all available routing numbers, branch bank information and telephone numbers for exception items and same-day settlement instructions increasing efficiency and lowering the number of exception items significantly.
With TGBR, the casino now has instant access to financial institutions worldwide including correspondent information, U.S. Fedwire status and payment department contact details updated continuously for the most accurate and up-to-date information.
Benefits
With Accuity’s new data, the casino now has easy access to accurate and complete information, improving efficiency.
- Access to financial institutions head offices and branches
- Access to all ABA routing numbers
- Same-day settlement instructions
- Simple search capabilities
Accuity & Casinos
- A large casino needed to find a more efficient and cost-efficient solution for payments.
- Two solutions were suggested, including Routing and Transit Number File to verify ABA routing numbers for all financial institutions and branches.
- TGBR was also provided to help access the most accurate and up-to-date information for institutions worldwide
- The casino now has easy access to accurate and complete information—reducing the amount of processing fees as well as fees for returned items.
via https://www.AiUpNow.com
October 4, 2021 at 04:45AM by Bartlomiej Szkaradek, Khareem Sudlow
