WSFS Bank launches digital integrated payment solution for
WILMINGTON, Delaware, October 28, 2021 (GLOBE NEWSWIRE) – WSFS Bank, the principal subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), today announced the continued expansion of its technology suite with the launch of a digital electronic payment that provides integrated accounts payable (AP) capabilities for commercial banking customers to replace traditional paper-based processes. This allows WSFS customers to streamline payments through a digital platform to improve the overall customer experience.
“Delivering the right technology continues to be at the forefront of what we offer our customers so they can focus less on administrative tasks, such as payments, and more on their customers,” said Ray Abbott, SVP, Head of Cash Management at WSFS Bank. “Check processing is expensive and has the potential for errors and a higher risk of fraud. Our integrated payment solution helps solve these problems in one streamlined resource.
With the new integrated digital payment solution from WSFS, businesses can streamline the AP process and execute payments in a variety of formats, including check, ACH, wire transfer, or virtual card; increase revenue by converting check transactions into card transactions, since customers are entitled to a monthly rebate; reduce expenses by reducing labor and internal processing costs associated with checks; and mitigate fraud and risk through additional controls, including submission, review and publication capabilities.
With multiple payment options, businesses can provide their customers with greater clarity and control in managing their payments, improving the overall customer experience. The new integrated digital payment solution gives WSFS bank customers better control and transparency in the management of their payments and results in a better overall customer experience.
About WSFS Financial Corporation
WSFS Financial Corporation is a multi-billion dollar financial services company. Its principal subsidiary, WSFS Bank, is the oldest and largest locally-managed bank and trust company, headquartered in Delaware and the greater Philadelphia area. As of September 30, 2021, WSFS Financial Corporation had $ 15.4 billion in assets on its balance sheet and $ 27.6 billion in assets under management and administration. WSFS operates from 112 offices, 89 of which are bank offices, located in Pennsylvania (52), Delaware (42), New Jersey (16), Virginia (1) and Nevada (1) and provides services comprehensive financial services, including commercial banking, retail banking, cash management, and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Cash Connect®, Cypress Capital Management, LLC, Christiana Trust Company of Delaware®, NewLane Finance®, Powder mill® Financial Solutions, West Capital Management®, WSFS Institutional Services®, WSFS mortgage®, and WSFS Wealth® Investments. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States operating permanently under the same name. For more information, please visit www.wsfsbank.com.
|Media contact: Rebecca Acevedo|