As part of University of Iowa Community Credit Union’s (UICCU) overall vision to be one of the top 10 financial institutions in the US, they knew they needed to move to an electronic payment platform, rather than processing 100% of their payments through paper checks.
They had experienced some issues with their paper payment system, including checks getting lost in the mail. When this happened, staff resources had to be devoted to researching, tracking, stopping payment and reissuing lost checks. Maintaining check stocks and the time staff spent stuffing checks and invoices also added up.
In 2016, UICCU saw an opportunity when they were introduced to the nation’s leading financial services Accounts Payable provider, BankTEL Systems. After the successful BankTEL implementation, BankTEL suggested an even more innovative approach to payment efficiency through CSI Paysystems virtual card program. BankTEL began a partnership with CSI in early 2017, and BankTEL clients have continued to see success with the program. UICCU was ready to get started. Their only concern was whether vendors would accept the new process.
In making the transition, one of the biggest selling points for UICCU was the vendor enrollment support provided by CSI. This support included vendor engagement to accompany the UICCU payments, which introduced the program and informed the vendor of enrollment steps. CSI also fielded all the outreach to vendors to secure enrollment.
Implementation was easy and didn’t take much of the UICCU team’s time. It included three initial calls between UICCU, BankTEL and CSI, to get things up and running. The BankTEL ASCEND Accounts Payable module is integrated with the CSI Paysystems platform, so the payment process is simple. The institution processes payments as normal within BankTEL ASCEND, and the file is automatically sent to CSI for card distribution. “It really was a no-brainer for us, and the platform technology proved easy to navigate with reporting features that created smooth reconciliations,” said Jennifer Grecian, Accounting Specialist, UICCU.
CSI also assigned a dedicated relationship manager, and additional training was made available upon request to support a seamless integration.