FTNI’s Integrated Receivables Hub, ETran, brings heightened efficiencies to industry-leading insurance provider seeking to streamline and automate lockbox operations.
OMAHA, Neb. (PRWeb) March 8, 2016 – Financial Transmission Network Inc. (“FTNI”), a provider of industry-leading integrated receivables solutions, today announced that Physicians Mutual has successfully launched FTNI’s ETran Integrated Receivables platform as its lockbox processing and management platform.
Physicians Mutual is headquartered in Omaha, Neb. and is a $3+ billion company standing in the top 1% of the industry* with division offices throughout the nation. The company processes hundreds of thousands of checks and documents each month, all previously requiring manual review. In light of the company’s monthly lockbox volume, it wanted to streamline, automate and bring new efficiencies to its lockbox and accounts receivables operations. Having already achieved savings working with FTNI to streamline other areas of their receivables processing. Physicians Mutual turned again to FTNI to implement its enhanced lockbox processing solution, the ETran Integrated Receivables platform.
“ETran accelerated our review processes by nearly 75 percent in the first thirty days of production,” said Greg Hopkins, assistant vice president corporate accounting at Physicians Mutual. “We went from having to manually review 100 percent of the check payments and associated forms within our lockbox operations, to reviewing only 20 percent of checks and documents scanned, and I expect that number to continue to decrease over time. The efficiencies we have already realized are significant, to say the least.”
Physicians Mutual has worked with FTNI to consolidate several legacy payment systems to the ETran platform including Check, ACH and Credit Card processing as well as launching new online payments functionality. As the company looked to further consolidate and streamline its receivables processing operations, FTNI’s ETran was a natural solution for its lockbox processing needs.
ETran enables companies to simply and quickly tailor the platform to their own business rules and requirements, streamlining and automating accounts receivables processes across any payment type or channel. Essentially a ‘plug-n-play’ platform, ETran enables efficient integration (batch or real-time) with any back-office accounting system. It unlocks enterprise-wide AR oversight from a unified interface to improve business insights and deliver real-time visibility into the entire receivables stream.
“We’ve very pleased to continue to grow our relationship with Physicians Mutual,” commented Chris Thompson, COO, FTNI. “ETran’s advanced Remote Deposit Capture module and unique configurability has delivered Physicians Mutual’s lockbox operations with high-levels of automation, single-screen data entry and batch reviews, and simplified data entry forms—all within a single user interface. Physicians Mutual is a great example of the benefits that can be realized by consolidating receivables processes on a single, unified platform.”
Financial Transmission Network, Inc. (FTNI) accelerates the way businesses accept, process, post and manage payments. Processing millions of transactions monthly, FTNI’s integrated receivables hub, ETran, accepts any payment method, via any payment channel — on a single, secure, cloud-based platform. ETran’s easy-to-deploy, modular design seamlessly integrates current business processes, bank and processor relationships, and back-office accounting software to deliver increased efficiencies and cost savings as a result of true straight through processing. Founded in 2007, FTNI serves more than 18,000 corporate users from leading organizations such as the American Red Cross, Benchmark Senior Living, DirectBuy, Five Star Senior Living, Mutual of Omaha, Penn Mutual, Physicians Mutual Insurance, Proxibid, RealPage, Shamrock Foods, The McClatchy Company and many more. For more information, visit www.ftni.com.
About Physicians Mutual
Physicians Mutual Insurance Company and Physicians Life Insurance Company are members of the Physicians Mutual family. Physicians Mutual Insurance Company offers reliable Medicare Supplement, dental and supplemental health insurance. Physicians Life Insurance Company provides important life insurance coverage and annuities. They entered the funeral pre-planning market to help meet the growing needs of funeral home owners and the families they serve. The companies have more than $3.6 billion in assets and consistently maintain some of the highest financial strength ratings in the nation from independent insurance analysts, including A.M. Best Company and Weiss Ratings. Founded in 1902, Physicians Mutual is headquartered in Omaha, Neb. To learn more about the company, please visit www.PhysiciansMutual.com.
*Based on WeissRatings.com's Recommended List of Companies, an elite group of insurance companies representing the top 1% of the industry.
Download the PDF