PYMNTS

OCTOBER 22, 2020

While B2B payments are quickly digitizing, paper checks continue to retain a significant share of the market. In an effort to address the friction of paper checks, Citizens Bank & Trust is collaborating with CheckAlt to launch lockbox and corporate treasury services. Citizens Bank And CheckAlt Tackle Check Friction.

Lockbox 79

Lockbox Small Business Checks Addressing 79

PYMNTS

JANUARY 22, 2021

B2B payments in the healthcare industry are undoubtedly complex, thanks to the intricacies of coordination between healthcare providers, suppliers and insurance firms. In the accounts receivable (AR) function, Franco noted that Nurx implemented lockboxes in order to centralize the receipt of paper checks from insurance companies.

Lockbox 74

Lockbox B2B Checks Volume 74

PYMNTS

NOVEMBER 15, 2019

Further, Leavitt added, the commercial card sits nicely within the B2B market’s demand for data. It’s going to be in a format that is very cumbersome for the supplier to bring into their systems,” he noted, adding that lockbox services and manual data entry costs hit businesses hard.

B2B 53

B2B Commercial Card Payments ACH 53

PYMNTS

JANUARY 13, 2021

Within the B2B space, especially, technology can improve payments processes that are time-consuming and error-prone. Companies may push back on the cost of new tech deployments but eventually can begin to ramp up the transition (conversion, really) to electronic payment methods from lockboxes and checks.

Process 94

Process AI Accounts Lockbox 94

Paystand

JUNE 13, 2024

Despite the rise of digital payments , paper checks are still widely used in B2B transactions. While digital payment methods have gained popularity, paper checks still hold a strong position in specific industries and financial scenarios.

Checks 52

Checks B2B Transactions Digital Payments 52

PYMNTS

OCTOBER 23, 2020

Consider the hypothetical example of a $15 million monthly B2B payment that contains 5,000 invoices. For instance, he said Boost recently processed a $31 million B2B payment that had “quite a bit of data that needed to accompany that transaction. [We] We] reported both to the supplier in their format and to the buyer in their format.”.

Commercial Card 82

Commercial Card Push-to-Card Lockbox Wires 82

PYMNTS

FEBRUARY 4, 2020

That’s particularly true in accounts receivable (AR), with B2B suppliers not only needing money to flow in from their buyers, but high-quality transaction data for reconciliation, reporting and analytics. Data’s Favorite Payment Rails. Commercial card transaction data can quickly become lost in a deluge of unstandardized information.

Commercial Card 61

Commercial Card Lockbox Reconciliation ACH 61

PYMNTS

JULY 5, 2019

Companies in the business-to-consumer (B2C) space have historically relied on lockbox processing through a bank – or a series of banks, depending on their size. If they are using the bank lockbox, some of the information coming through that channel might not arrive until late in the day or the next day.

B2C 46

B2C Lockbox ACH IRS 46

PYMNTS

AUGUST 7, 2018

Formerly known as the Remittance Coalition, the Federal Reserve Bank of Minneapolis’ Business Payments Coalition is relying on corporate collaboration to promote the adoption of electronic B2B payments. The concept of a B2B payments directory isn’t new. Lawrence Buettner is one member of the industry participating in this effort.

B2B 40

B2B Federal Reserve Payee FedWire 40

PYMNTS

FEBRUARY 2, 2021

Apollo Bank Adopts CheckAlt Lockbox Technology. The bank recently announced a partnership with CheckAlt to adopt its lockbox technology, allowing corporates to automatically accept, process and reconcile check payments. PNC Acquires Tempus Technologies.

Lockbox 57

Lockbox FinTech Treasury Management Payment APIs and Integration 57

PYMNTS

JULY 22, 2019

percent of survey respondents reporting that they are “very” or “extremely” satisfied with paper checks, it seems like B2B payers really don’t find them to be all that bad. Yes, checks were nearly bottom-of-the-barrel in terms of satisfaction levels, but with 63.5 Keeping the Supplier In Mind.

B2B 57

B2B Reconciliation Checks Lockbox 57

PYMNTS

JANUARY 30, 2020

Reports highlighted the opportunity this API has in the B2B payments space in particular, enabling a company to initiate payroll transactions or supplier payments from directly within their payroll or accounts payable portals. One B2B FinTech embracing the API opportunity for payroll is AccountantsWorld , a U.S.

Use Case 64

Use Case Payment APIs and Integration FinTech Payroll 64

PYMNTS

APRIL 30, 2020

While B2B payments innovation has opened up the opportunity for businesses to send and receive funds via cards and other payment rails, the paper check remains commonplace with some FinTechs choosing to innovate on top of check systems in lieu of forcing firms to move to different rails. Invoiced Tackles The Friction of Check.

Innovation 73

Innovation Global Payments Cross-Border ACH 73

PYMNTS

OCTOBER 25, 2019

While treasury management has always been a critical component of bank offerings, most treasury management solutions today are limited to lockbox processing. The electronic side of payments is growing, as it stands, with the inclusion of business-to-business (B2B) payments, up 9.4 percent to $3.6 billion per NACHA.

Lockbox 40

Lockbox Treasury Management Treasury Wire Transfer 40

PYMNTS

DECEMBER 11, 2020

The days of managing partners buying into the physical lockbox, counting checks and trying to deposit them are waning," he said. "We Adams noted that the sector is making progress, but there is still a long way to go.

Accounts 89

Accounts Lockbox Automation Checks 89

PYMNTS

DECEMBER 10, 2019

In 2019, 42 percent of B2B invoices were paid by paper check. Unlocking the Lockbox. Paper — it’s like the nightmare we can’t wake up from. Add to that image, this one: PYMNTS research finds that nearly 44 percent of invoices are still sent by fax machine and over 72 percent arrive via USPS. In America’s $2.4

Payment APIs and Integration 52

Payment APIs and Integration CRM Lockbox Automation 52

PYMNTS

APRIL 7, 2020

The program can be used for everything from intercompany transactions, accounts payable and receivable, travel and entertainment (T&E) reporting, bank clearing and lockbox to general ledger cash accounts. The Transaction Matching software goes hand-in-hand with OneStream’s existing Account Reconciliation.

Reconciliation 56

Reconciliation Accounts Automation Lockbox 56

PYMNTS

JULY 15, 2020

CheckAlt , which provides lockbox and treasury management services, has struck a partnership with credit union service organization (CUSO) Tru Treasury to help credit unions attract new members and boost services, a press release says. The partnership touts its ability to work in both paper and electronic services.

Credit Union 52

Credit Union Treasury Reconciliation Credit Union Service Organization 52

PYMNTS

JUNE 24, 2016

But an interesting question was posed: Are lockbox operations an obvious target for receivables disruption? With a much higher match rate and reducing the need of the lockbox fees, Jordan said a solution that interfaces with both the ERP and the file from the bank can improve posting times and data quality. B2B Payment Trends.

Lockbox 43

Lockbox Push-to-Card Automation Process 43

PYMNTS

DECEMBER 5, 2017

B2C, C2B, B2B and P2P: There are many ways that individuals and companies need to move money, and some have advanced more than others as agile new players enter the race. Until that changes, payment and accounts receivable (AR) posting data will continue to be one of the most significant obstacles in automating B2B payments.

Consumer 56

Consumer Same Day ACH C2B B2C 56

PYMNTS

APRIL 16, 2020

With personnel working from home, this company could no longer cut and send checks to pay suppliers because AP staff couldn’t access the checks stuck in a lockbox in the office. Take one Tipalti client, which, Amit recalled, was forced to overhaul supplier payment practices after using checks for so long.

Finance 75

Finance Automation Lockbox Checks 75

PYMNTS

FEBRUARY 22, 2017

Horicon Bank will now offer its corporate clients Remote Deposit Capture, online payments, single and recurring ACH payments, mobile payments, credit card payments and lockbox processing solutions powered by FTNI.

Remote Deposit Capture 40

Remote Deposit Capture Online and Mobile Banking Automation Lockbox 40

PYMNTS

JANUARY 29, 2020

Cichy also pointed to additional bank solutions, like lockbox operation, payment processing and commercial card offerings, into which Palette’s P2P solution is linked, promoting cohesion in banks’ corporate offerings. Historically, opportunities to wield this kind of data have been limited for traditional FIs.

P2P 52

P2P Lockbox Payment Reconciliation Value Added Service 52

PYMNTS

MAY 7, 2020

Although a recent uptick in B2B payments innovation has accelerated corporates’ migration away from the paper check, old habits die hard, and the legacy payment tool remains a mainstay in the accounts payable (AP) department. “Checks will be around for a while. “It really minimizes the disruption.”

Checks 67

Checks B2B Payment APIs and Integration Remote Deposit Capture 67