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For a long time, bank lockbox services have helped treasury and finance teams manage their receivables. But now, there are a number of options for lockbox services in the internet age. These services help with processing checks and other payments sent by mail.
Take the lockbox, for example. It’s a service designed around the ubiquity of the paper check, and with checks still a popular payment tool in B2B transactions, lockbox services remain in high-demand. Lockbox services may seem outdated in today’s ecosystem of electronic payments and cloud-based financial management platforms.
In this week's look at bank-FinTech collaboration, new partnerships aim to address some of the longest-standing points of friction in business finance, including late payments to small suppliers and the headache of manually managing check payment data. PYMNTS rounds up the latest tie-ups below.
Apollo Bank Adopts CheckAlt Lockbox Technology. Miami-based Apollo Bank is turning to a third-party FinTech to strengthen its corporate payments and treasury management offering. PNC Acquires Tempus Technologies.
With an increased focus on mobile banking and investments in treasury products, the Bank will continue to expand its offerings in 2025. Since launching Treasury Fusion in 2022, the Bank has made ongoing investments to its current suite of digital payment and receivable solutions.
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