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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.
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. and Sony Innovation Fund by IGV, as well as several existing investors, is promoting the adoption of account-to-account payment functionality.
According to TechCrunch , the launch of Bridge Pay means Bankin’ is expanding its data integration capabilities for developers beyond banking data and into payments, enabling those developers to add paymentinitiation capability within their own solutions, with support for 12 French banks.
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.”
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