PYMNTS

MARCH 18, 2020

As Biegel explained, a lack of data standardization across payment tools remains a challenge to the reconciliation and cash application process, even when that data is electronic. Lockbox Data Headaches. Yet payers include a vast array of information with their check payments, and lockbox providers relay that data in different ways.

Lockbox 80

Lockbox Reconciliation Checks Automation 80

PYMNTS

NOVEMBER 4, 2020

Drill down a bit and getting rid of the check translates into cost savings on both sides of the equation — for the company making the payment, and the company receiving it. (In In the middle stand the lockboxes and processing facilities run by banks like J.P. Digitization, said Farooq, takes a lot of waiting time out of the system.

Blockchain 131

Blockchain Cross-Border Payments Cross-Border Real Time Payments 131

PYMNTS

OCTOBER 22, 2020

As businesses' awareness of these challenges grows, more organizations are looking to not only migrate away from paper, but to also develop B2B payment strategies that include integrated payments for more seamless reconciliation within the ERP, while finding payment methods that work for both the buyer and supplier.

B2B 89

B2B Lockbox Remittance Data ACH 89

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 29, 2020

The company already has what he termed a “material footprint” in digital payments and cloud-delivered services. The B2B space has had to adapt, too, he said — and that points to a longer trend where checks will hang on and co-exist with digital payments for a good long while.

Checks 78

Checks B2B Payments Lockbox 78

PYMNTS

DECEMBER 11, 2020

The days of managing partners buying into the physical lockbox, counting checks and trying to deposit them are waning," he said. "We We have some clients that have doubled their digital payments over the last six months, but even then, it's gone from 10 percent to 20 percent of payments being electronic.

Accounts 89

Accounts Lockbox Automation Checks 89

PYMNTS

APRIL 16, 2020

Take one Tipalti client, which, Amit recalled, was forced to overhaul supplier payment practices after using checks for so long. With personnel working from home, this company could no longer cut and send checks to pay suppliers because AP staff couldn’t access the checks stuck in a lockbox in the office.

Finance 75

Finance Automation Lockbox Checks 75