PYMNTS

JANUARY 22, 2021

In the accounts receivable (AR) function, Franco noted that Nurx implemented lockboxes in order to centralize the receipt of paper checks from insurance companies. The focus is on real-time transactional data, and making sure we take manual processes out of reconciliation.". Prioritizing Data Connectivity.

Lockbox 74

Lockbox B2B Checks Volume 74

PYMNTS

DECEMBER 27, 2018

For receivables, Berdan noted that larger banks have done well with lockboxes as have smaller banks have with remote deposit capture (RDC). With electronic payments, a corporation might be left with a tedious reconciliation process. But those trends are on the decline, according to Berdan, as more payments become electronic.

Remote Deposit Capture 63

Remote Deposit Capture RDC Lockbox ACH 63

PYMNTS

OCTOBER 2, 2019

Kresse attributes this inertia to entrenched processes, both at the enterprise level and within some FIs, especially where lockbox services (including receiving and scanning payments) are large revenue generators. Despite that, there is a better option, as roughly 40 percent of B2B payments are still done by paper checks.

C2B 81

C2B Faster Payments Real Time Payments Lockbox 81

PYMNTS

JANUARY 13, 2021

All too often, he said, bringing automated payments processes and reconciliation, as well as improved cash collections, are not viewed as offering significant enough returns on investment. The process overall is typically overlooked as a necessary evil, and it's not usually viewed as an opportunity,” Shields explained. “The

Process 94

Process AI Accounts Lockbox 94

PYMNTS

APRIL 30, 2020

ACH transaction data standardization will also be important for reconciliation and reporting, said Thorness. In addition to its new cash application capabilities, accounts receivable technology provider Invoiced recently announced a virtual lockbox solution aimed to address the friction of paper checks.

Innovation 73

Innovation Global Payments Cross-Border ACH 73

PYMNTS

FEBRUARY 22, 2017

Horicon Bank will now offer its corporate clients Remote Deposit Capture, online payments, single and recurring ACH payments, mobile payments, credit card payments and lockbox processing solutions powered by FTNI.

Remote Deposit Capture 40

Remote Deposit Capture Online and Mobile Banking Automation Lockbox 40

PYMNTS

JULY 22, 2019

While these technology firms may approach a business about a particular financial process that could be improved by electronic payables, for example reconciliation or fraud mitigation, this strategy takes a fragmented approach to encouraging digitization that fails to provide a bigger picture for a company, he said. “I

B2B 57

B2B Reconciliation Checks Lockbox 57

PYMNTS

JANUARY 29, 2020

Offering solutions that promote workflow automation from sourcing through to payment, reconciliation and accounting is not usually part of an FI’s product roadmap. 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.

P2P 52

P2P Lockbox Payment Reconciliation Value Added Service 52

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. “It really minimizes the disruption.”

Checks 67

Checks B2B Payment APIs and Integration Remote Deposit Capture 67

PYMNTS

NOVEMBER 15, 2019

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.

B2B 53

B2B Commercial Card Payments ACH 53

PYMNTS

APRIL 1, 2016

The historically fragmented nature of disparate services and payment solutions, 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.

Remote Deposit Capture 40

Remote Deposit Capture Lockbox Remittance Data Compliance 40