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How AR Can Usher The Legacy Lockbox Into The Digital Age

PYMNTS

In the flurry of payments innovation, it can be difficult to remember that legacy tools remain commonplace, especially in corporate payments. Take the lockbox, for example. Lockbox services may seem outdated in today’s ecosystem of electronic payments and cloud-based financial management platforms. Modernizing the Lockbox.

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Innovation Eases The Friction Of Global Payment Rails

PYMNTS

This week’s examination of the latest in payments rails innovation finds financial service providers innovating on top of existing rails to address the friction of ACH, checks and other bank transfer infrastructure. Western Union Expands Real-Time Capabilities. Invoiced Tackles The Friction of Check.

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Lucinity secures patent for federated learning AI, enabling secure data sharing

The Payments Association

This innovation was applied during a project with the Bank for International Settlements (BIS) Innovation Hub’s Nordic Centre that explored privacy-enhancing technologies and enhanced cooperation across institutions and borders. “We We believe in bringing connectivity to parts of the world where it wasn’t possible before.

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Banks Pair Up To Improve Age-Old Business Friction

PYMNTS

Business banking hasn't always been flashy or innovative. In an effort to address the friction of paper checks, Citizens Bank & Trust is collaborating with CheckAlt to launch lockbox and corporate treasury services. While B2B payments are quickly digitizing, paper checks continue to retain a significant share of the market.

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Billtrust CEO On Delivering The Perfect B2B Payment

PYMNTS

For Billtrust, that meant the creation of a digital lockbox to consolidate the collection and integration of reconciliation data, as well as the development of its Business Payments Network, which allows firms to efficiently view their business partners' preferred ways to pay and get paid. But further education is needed, said Lane.

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How FinTechs Help Corporates With Cash Application Amid COVID-19

PYMNTS

Many companies rely on a bank/service provider to handle outsourced lockbox processing. And, in many cases, the FinTech has customers that still use a lockbox, but they still have some centralized operation that receive checks. And they now have complications in terms of their workforce (i.e., remote work) layered on to that process.

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FIs Embrace FinTech Options To Bolster Business Banking

PYMNTS

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. Germany- and U.S.-based based Token, an open banking platform.

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