Verizon Wireless Reduces Manual Account Reconciliation Efforts and Standardizes Processes Across Multiple Locations with ReconNE
Overview
Verizon Wireless, the leading provider of wireless communications in the United States, was formed in April 2000 by the merger of Bell Atlantic Mobile, GTE Wireless, PCS PrimeCo, and Airtouch Communications. Verizon Wireless provides voice, messaging, and high-speed data to more than 30 million subscribers.
Challenges
Verizon Wireless (VZW) had over 1,200 communication store locations, supported by Treasury Operations sites located in Branchburg NJ, Alpharetta GA, and Folsom CA. One of VZW’s biggest business issues was the need to consolidate business practices for multiple locations after the merger. Sites were performing the same reconciliation functions of verifying store deposits and credit card transactions in different ways. VZW needed a system to provide consistency and best practices on a day-to-day level.
Objectives
VZW outlined the following objectives for the reconciliation project:
- Standardization of operations across all sites
- Process improvement - going beyond automating the practices in place
- Address differing requirements at each Operations site, not only in hardware, but also practices in-place and levels of experience among team members
Capabilities Provided
VZW chose ReconNET as the solution for cash deposit verification and credit card reconciliation for their retail locations. After completing the implementation of these functions, additional reconciliation types were developed for concentration account reconciliation, returned check payment management, and electronic payment reconciliation.
Other Information
For more information on how you too can reduce manual efforts and standardize processes for deposit verification and reconciliation of bank concentration accounts with ReconNET, contact Trintech today.
