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Lockbox Services: How It Works, Cost, & Risks | Paystand

Paystand

For a long time, bank lockbox services have helped treasury and finance teams manage their receivables. These services help with processing checks and other payments sent by mail. But now, there are a number of options for lockbox services in the internet age.

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Citizens Bank Working With CheckAlt On Lockbox Processing

PYMNTS

CheckAlt , which provides lockbox and treasury management services, is now working with Florida's Citizens Bank & Trust to provide the aforementioned services, a press release says. Previously, Citizens Bank & Trust processed lockbox payments in-house. Electronic payments still don't always have that down yet.

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How AR Can Usher The Legacy Lockbox Into The Digital Age

PYMNTS

In the flurry of payments innovation, it can be difficult to remember that legacy tools remain commonplace, especially in corporate payments. Take the lockbox, for example. Lockbox services may seem outdated in today’s ecosystem of electronic payments and cloud-based financial management platforms.

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Wells Fargo Rated ‘Fastest Lockbox Network’

PYMNTS

Online banking and electronic payments have streamlined the depositing process for corporate treasurers, but somehow, a majority of their customers are still paying with physical checks. That’s where Wells Fargo says its lockbox network comes into the mix.

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CheckAlt, Tru Treasury Partner To Help Credit Unions Accelerate Pay And Reconciliation

PYMNTS

CheckAlt , which provides lockbox and treasury management services, has struck a partnership with credit union service organization (CUSO) Tru Treasury to help credit unions attract new members and boost services, a press release says. The partnership touts its ability to work in both paper and electronic services.

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Banks Pair Up To Improve Age-Old Business Friction

PYMNTS

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. BCI And Temenos Target Corporate Banking.

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How Banks Can Benefit From Partnering With FinTechs

PYMNTS

When it comes to treasury market offerings, banks have historically started wholesale and retail lockbox businesses. But, as payment types and payment channels have grown to become more electronic, the amount of lockbox payments is declining rapidly.

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