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• W253462912 abstract "When pressed, Randy Shelden says the most definitive change in the correspondent banking business at Cornerstone Bank, York, Neb., occurred with the advent, nearly five years ago of image exchange. Historically, we'd developed relationships that were rooted in geography, but image took away those boundaries and made it possible to work anywhere. That was when you started to see a longer more formal process around contracts, says Shelden, who is senior vice-president the $680 million assets, family-owned bank with 29 banking locations in 20 communities. Not that the practice of banks doing payments-, cash management-, or lending-related work on behalf of other banks hadn't been a maze of operational details by tradition. It was just that, in the case of item processing work done by Cornerstone a slew of banks throughout the state as well as clients in neighboring Wyoming and Colorado, a handshake alone would no longer suffice. Imaging as a technique requires extensive service level agreements (SLAs) that have to be evaluated several times before the work is handed over. Additional quality controls are required. business is more formal now, Sheldon observes. While different niches in the complicated, interconnected universe of correspondent banking have been affected by disparate drivers, the payments and operations sector, which is the historical backbone of the business, has seen significant change in the past five years. Activity in this area alone has alerted the industry to the fact that banks doing work other banks won't be dying any time soon, notes Cathy Glassman, senior principal global payments solutions, Fiserv, Coral Springs, Fla. Glassman, who wrote a white paper on the subject of correspondent revival in payments a few years ago, continues to observe activity and a kind of entrepreneurial zeal in the sector. Image has shaken up the regional nature of the business, opening up the domestic map banks and pitting once unlikely competitors against each other in regions where neither used to operate before, typically via white-labeled services. In other areas of correspondent work, from treasury services, to asset and liability management, to capital markets, increased automation has also tended to erase the importance of literally being the bank next door. Given that, bankers say, you often have to start discretely, from one point of entry in a niche service. This is because, on the surface, many banks increasingly have similar story to tell. Really, the proof is in the work--and work done well over time. [ILLUSTRATION OMITTED] Know the client Mark Heugly, senior vice-president, Correspondent Banking Group, at $53 billion assets Zions Bank, Salt Lake City, Utah, agrees that correspondent work has both matured and reinvented itself in step with new business processes, and has expanded from payments into other valuable services on the funding side, and consequently, has taken itself more seriously. And, with the new vision and extensive service menu, comes a more formalized set-up. However, the Zions executive also thinks that the personal relationship is still the floor that holds big contracts and allows them to prosper over time. Understanding the client's operational profile certainly counts in his organization, where, from his hiring crack talent is also a must. The banking executive remembers a time back in the day when big correspondent banks from back East used to show up during ski season, or a few times a year for lunch or a game of golf. That sort of infrequent, almost ritualized, bridging of organizations in order to seal the deal also won't suffice in a world that moves rapidly and requires the rugged connections of experts with a problem-solving bent. My people are called in to offer advice and perspective, Heugly says, citing work that spans areas such as asset and liability management and succession planning. …" @default.
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• W253462912 date "2008-07-01" @default.
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• W253462912 title "Correspondent Revival: No Longer Just a Handshake Business" @default.
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