Lockbox in the Age of Electronic Payments – How Technology is Enhancing Lockbox Services for Increased Value
Has your wholesale lockbox processing capability kept up with the changing trends in payments?
Paystream Advisors observes ~70% businesses are experiencing an increase in electronic payments (ACH, cards). However, traditional lockbox services continue to focus on processing check remittance information; therefore, corporate customers perceive reduced value from bank lockbox services.
In a commoditized lockbox services market, electronic remittance processing would be a differentiator and help win service revenue lost to third-party remittance processing providers.
Cutting-edge technology is capable of enhancing standard lockbox files by automatically processing remittance information from emails, websites and EDI files. Artificial Intelligence and advances in Robotic Process Automation make this possible without any manual intervention or IT involvement.
Join us, as we explore how you can enhance your lockbox offering, safeguard service revenue by automating electronic remittance processing.
In this webinar, you will learn about:
- Changing trends around electronic payments and why they are here to stay
- Reasons why corporates are turning to third-party remittance processing providers
- Lockbox enhancement and how it can safeguard service revenue for banks
- Artificial Intelligence technology for automating electronic remittance capture
- Implementing a secure, cloud-based solution without disrupting existing lockbox processing operations and minimal IT involvement
Duration: 40 minutes
- Vikram Gollakota, Client Solutions Director, HighRadius