The Bank of Tampa Clients Enjoy Increased Self-Service and 100% Readability Rates With Versapay’s Remote Deposit Capture

With assets exceeding $1.6 billion, The Bank of Tampa is the largest community bank headquartered in the Tampa Bay area. Established over 30 years ago as a commercial bank, it offers a complete range of commercial, corporate and, retail banking products and services.

Today, The Bank of Tampa includes 12 branches and serves the greater Tampa area and surrounding counties. The bank is privately-owned by its staff, directors, and clients and operates with the primary mission of building relationships.

From financing new business ventures to supporting local charities and non-profit organizations, the bank continually seeks to embody that mission in everything it does. It’s with that same spirit that the bank sought out a more technologically advanced and sophisticated remote deposit capture (RDC) solution to replace its legacy system.

‏‏‎ ‎

The challenge

As it came time to renew its legacy RDC solution, The Bank of Tampa decided to take a closer look at available technology advances that could support its commercial banking growth objectives and improve clients’ experience.

With a focus on businesses with revenues up to $250 million, the bank needed a feature-rich solution with high readability rates for scanned checks. The bank especially wanted to partner with a vendor that would be agile enough to support its growth plans and while providing high-touch support both for the bank and its clients.

“Simply stated, we needed more flexibility and a partner that was agile enough to stay ahead of the technology curve,” said Helen May, SVP, Director of Operations at The Bank of Tampa.

‏‏‎ ‎

The solution

As a satisfied user of Versapay’s lockbox solutions, The Bank of Tampa decided to look into the company’s remote deposit capture functionality (both formally known as DadePay).

“When renewal time came around, we felt like we needed to see what kind of technology advances had been made and how other providers were handling them. We had already been using Versapay’s lockbox solution, so it was natural for us to take a closer look at their RDC solution,” said Helen.

“Our experience with Versapay up to that point had been phenomenal. We always found them able to quickly adjust as our clients’ needs changed and grew. Once we had a look at their RDC solution, they stood out to us by keeping pace with technology changes.”

By implementing Versapay’s RDC capabilities in addition to its existing lockbox solution, The Bank of Tampa was able to handle all its integrated receivables in one solution.

“We had a lot of pressure to implement the new RDC solution quickly and with little to no disruption to our clients,” said Helen. “I really can’t say enough about Versapay’s implementation team—they bent over backwards to accommodate our needs and ensure a smooth transition for our clients. They remained completely nimble throughout the entire process, making daily adjustments according to our clients’ use of the system.”

Versapay was also able to accommodate custom programming to ensure clients using custom fields would be able to continue doing so. “We have one client using an auxiliary field to record location ID, which prints on their statements. Versapay was able to add tweaks such as this to the system and still meet our deadline,” said Helen.

“And, as an unexpected bonus, Versapay even ported all of the client information from our previous solution into the new RDC system, so we didn’t have to re-enter clients manually—that saved us an incredible amount of labor and time.”

‏‏‎ ‎

The results

After a near-seamless implementation and rollout of Versapay’s remote deposit capture functionality, the response from both The Bank of Tampa’s staff and clients has been overwhelmingly positive.

“The bank itself has experienced much greater efficiency and we’ve been able to introduce enhanced functionality to our clients, improving their experience and satisfaction,” said Helen.

“Clients now receive a better repair and deposit rate with 100% readability. They also appreciate the improved self-service capabilities—they’re able to reset their own passwords now as opposed to calling in to the bank. This saves both them and us time. We’ve also made it easier for them to access the system when needed. They can sign in from any device over any browser.”

The Bank of Tampa has also benefitted from Versapay’s first-class support. “It’s essential that any partner interacting with clients on our behalf shares the same passion for service we do. Any issues we’ve reported to Versapay were not only acknowledged immediately but resolved—they never let us down,” said Helen.

—

Learn more about how we help finance teams automate payment matching and reconciliation with AI-powered advanced cash application.