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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 Lockbox services may seem outdated in today’s ecosystem of electronic payments and cloud-based financial management platforms.
As B2B payments migrate away from the paper check in their own digitization journey, a supplier’s opportunity to access valuable transaction insight grows. Even the least sophisticated accounting systems have an ability to organize remittancedata into usable information. Data’s Favorite Payment Rails.
The historically fragmented nature of disparate services and paymentsolutions, ranging from credit cards to ACH to mobile payments to lockbox and remote deposit capture is a driving force in corporate banking clients’ desire for truly integrated receivables solutions.
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