EastPay to Offer New Blue Ocean Payments Strategy Service

Blue Ocean Strategy Articles : EastPay to Offer New Blue Ocean Payments Strategy Service

RICHMOND, Va. -- EastPay is introducing a new Blue Ocean value-added service to its members that will allow them to roll out cash management services to business customers, or to expand existing cash management services. To launch this new service, EastPay has hired Steve Vaglio as Senior Vice President, Payments Strategy.

"Receivable and disbursement payment options have become more important to the service offerings of our members," said Norman Robinson, AAP, CTP, and President of EastPay. "Understanding those options is difficult and complex. Financial institutions struggle with investigating all of the potential cash management services available."

Tony Gautney, CCM, SVP, First Southern Bank, Boca Raton, FL and EastPay Vice Chairman said, "EastPay can now assist members in evaluating vendors, as well as with operational, marketing, pricing, and training issues. Even once these services are implemented there is often the need to fine-tune or reposition the service. EastPay can simplify what can be a very daunting process."

In this new position, Steve will round out a set of payment-related services already provided by EastPay, including ACH auditing and consulting services. Some of the cash management products that will be supported through this service will be:

* Disbursements: ACH Origination; Card Payments; Controlled Disbursements; Image Services

* Receivables: Remote Capture; Lockbox; Image Services; Merchant Services

* Information Services: Account Reconcilement

The delivery of these services can be on whatever level a financial institution desires:

* Strategy Assessment: Assisting members in identifying areas of potential expansion or revenue, based on customer needs; determining whether to provide services inhouse, or outsource; or simply developing a business case.

* Project Management: Supporting the institution's staff in managing the implementation of a new project, or in making improvements to existing products or operations to achieve the desired objective.

* Product Management: Assisting in determining the target market, service features and functions, pricing, contract language, risk management, billing, and marketing collateral materials necessary to a successful rollout.

"Providing this service to our members has been a long-term Blue Ocean strategic plan of the Board and will help EastPay truly become recognized as 'Your Payments Information Resource'," said Mr. Robinson.

Steve brings a wealth of background and experience in these areas, having been a senior manager in cash management for 25 years. His background has been in product management, operations, and technology. His experience has been with several financial institutions, including Bank of America and First Fidelity Bank, now part of Wachovia Bank.

Steve is well known to EastPay, having served as Bank of America's representative to its Board of Directors, including a term as Chairman of the Board. Steve will work in EastPay's Charlotte, North Carolina office.

ABOUT EASTPAY: EastPay is the Southeast's premier Regional Payments Association, providing over 800 financial institutions and businesses in Virginia, West Virginia, North Carolina, and Florida with electronic payments consulting, education, publications, and ACH audit services, as well as payments strategy support. As accredited experts on the operating rules of the Automated Clearing House (ACH) network, EastPay is a trade association that helps organizations take advantage of the opportunities and avoid the risk presented by the phenomenal growth of electronic payments. EastPay is a Regional Payments Association member of NACHA - The Electronic Payments Association.

COPYRIGHT 2007 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning

Source: Blue Ocean Strategy, Business Strategy information at findarticles.com