Cash Management Lockbox Reconciliation 
PYMNTS
OCTOBER 31, 2019
Take the lockbox, for example. It’s a service designed around the ubiquity of the paper check, and with checks still a popular payment tool in B2B transactions, lockbox services remain in high-demand. Lockbox services may seem outdated in today’s ecosystem of electronic payments and cloud-based financial management platforms.
Fintech Finance
NOVEMBER 14, 2024
Santander” or “the Bank”) announced today that is has expanded its suite of digital cash management solutions to enhance the commercial client experience while reducing its overall cost to serve. ” said Michael Lee, Senior Executive Vice President and Managing Director of Commercial Banking at Santander Bank.
PYMNTS
MARCH 18, 2020
As Biegel explained, a lack of data standardization across payment tools remains a challenge to the reconciliation and cash application process, even when that data is electronic. Lockbox Data Headaches. “Accepting payments via check through company lockboxes can be a very difficult process today,” said Biegel.
PYMNTS
JANUARY 29, 2020
When it comes to helping corporates manage their supply chains, traditional banks tend to focus on the financing aspect via trade finance, factoring or other such products. Offering solutions that promote workflow automation from sourcing through to payment, reconciliation and accounting is not usually part of an FI’s product roadmap.
PYMNTS
NOVEMBER 15, 2019
But shifting priorities among buyers and suppliers have elevated the opportunity for cards to meet changing cash management needs. 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.
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