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. But on the accounts payable (AP) side, the company also saw the opportunity to shift from checks to digital payment methods to pay vendors.

Lockbox 74

Lockbox B2B Checks Volume 74

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

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 ACH Cross-Border 73

PYMNTS

JULY 22, 2019

For all their drawbacks, why do paper checks persist in accounts payable? PYMNTS recently surveyed accounts payable (AP) executives’ satisfaction rates with their payment technologies for the latest Payables Friction Playbook and found something surprising. They’re slow. They’re cumbersome and expensive. They open the door for fraud.

B2B 57

B2B Reconciliation Checks Lockbox 57

Fintech Finance

NOVEMBER 14, 2024

Escrow Platform: Santander designed a state-of-the-art online self-service escrow platform, available 24/7, giving clients the ability to open, close and transfer funds between escrow accounts as well as disburse payments to their beneficiaries using the online portal.

Online and Mobile Banking 52

Online and Mobile Banking Product Cash Management Treasury 52

PYMNTS

FEBRUARY 22, 2017

Horicon Bank and Financial Transmission Network, better known as FTNI, are partnering up to help streamline the accounts receivable process for corporates. Last year, FTNI announced the launch of its upgraded online payment solution, ETran, which supports corporates’ acceptance and reconciliation of credit card and ACH payments.

Remote Deposit Capture 40

Remote Deposit Capture Online and Mobile Banking Automation Lockbox 40

PYMNTS

JANUARY 29, 2020

Another major hurdle unique to the purchase-to-pay space is the process’s deep touch points with an array of other back-office functions within the enterprise, including vendor management, product sourcing, accounts payable, accounting, inventory management, contract management, manufacturing and distribution, and more.

P2P 52

P2P Lockbox Payment Reconciliation Value Added Service 52

PYMNTS

NOVEMBER 15, 2019

Traditionally, the cost and administrative burden of card acceptance has kept the tool from gaining traction in accounts payable. 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

MAY 7, 2020

Although a recent uptick in B2B payments innovation has accelerated corporates’ migration away from the paper check, old habits die hard, and the legacy payment tool remains a mainstay in the accounts payable (AP) department. Preserving Check Workflows. “It really minimizes the disruption.” The One-Off Payment Opportunity.

Checks 67

Checks B2B Payment APIs and Integration Remote Deposit Capture 67