The U.S. Postal Service, struggling to make ends meet as mail volume declines, hopes to cut $2.1 billion in costs by eliminating up to half of its 487 processing facilities and loosening delivery standards.
While the proposed changes will slow delivery times, the details of the Post Office's plan suggest remittance mail won't slow as much as regular first-class items.
"Everyone is going to suffer a bit in the delivery of mail when they go to this new system," says Lex Litton, a senior vice president at Phoenix-Hecht, whose products include a survey of remittance processing performance. "We think our survey is going to show aggregate mail times get longer in remittance, it's just they'll have less of an increase than first-class mail."
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.