Remove Lockbox Remove Payee Remove Remittance Data
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How AR Can Usher The Legacy Lockbox Into The Digital Age

PYMNTS

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 Lockbox services may seem outdated in today’s ecosystem of electronic payments and cloud-based financial management platforms.

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Preserving Check Workflows Can Ease B2B Payments Digitization

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According to Reed, Deluxe’s lockbox services process $2 trillion worth of paper check payments every year, and there is no silver bullet to transitioning that volume to electronic payment method all at once. But addressing payee needs is just as critical to easing the digital migration. “It really minimizes the disruption.”

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Ticking Off The Boxes On The Fed’s Checklist Of B2B Payments Priorities

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“The intent of the organization is to help payers better identify [the] payee information they need in order to make electronic payments,” he said in an interview, adding that the directory aims to be “payment agnostic” and support payments made via a variety of rails, including FedWire, ACH, SWIFT, lockbox and, yes, paper check.

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