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 Lockbox services may seem outdated in today’s ecosystem of electronic payments and cloud-based financial management platforms.

Lockbox 43

Lockbox Remittance Data Checks RTP 43

PYMNTS

MARCH 18, 2020

Lockbox Data Headaches. While working from home can present a major challenge for AR teams receiving checks in the mail, Biegel noted that more often, businesses are accepting these payments via banks’ lockbox services. Automating Lockbox Data – And Beyond. “The work from there is, what do you do with the exceptions?

Lockbox 80

Lockbox Reconciliation Checks Automation 80

PYMNTS

MARCH 30, 2020

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.

Lockbox 60

Lockbox FinTech Payer Push-to-Card 60

PYMNTS

SEPTEMBER 18, 2018

When it comes to treasury market offerings, banks have historically started wholesale and retail lockbox businesses. But, as payment types and payment channels have grown to become more electronic, the amount of lockbox payments is declining rapidly. Most commonly, those payments are sent by automated clearing house (ACH).

Lockbox 68

Lockbox FinTech Payer ACH 68

PYMNTS

JANUARY 13, 2021

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. With virtual cards, he said, a portion of that interchange rate gets shared with the payer.

Process 94

Process AI Accounts Lockbox 94

PYMNTS

MAY 7, 2020

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. By virtualizing the paper check and wielding API integrations in between payer and recipient, those workflows become smoother.

Checks 67

Checks B2B Payment APIs and Integration Remote Deposit Capture 67

PYMNTS

AUGUST 7, 2018

“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.

B2B 40

B2B Federal Reserve Payee FedWire 40