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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. Previously, Citizens Bank & Trust processed lockbox payments in-house.

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How AR Can Usher The Legacy Lockbox Into The Digital Age

PYMNTS

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 Lockbox services may seem outdated in today’s ecosystem of electronic payments and cloud-based financial management platforms.

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Wells Fargo Rated ‘Fastest Lockbox Network’

PYMNTS

That’s where Wells Fargo says its lockbox network comes into the mix. Not only can we process payments faster, but mail that is sent to lockboxes arrives more quickly because of their special ZIP codes,” said Keith Theisen, executive VP and director of product management at Wells Fargo’s Treasury Management Group. “Not

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What ‘Work From Home’ Means For Paper-Based AR Departments

PYMNTS

Lockbox Data Headaches. While working from home can present a major challenge for AR teams receiving checks in the mail, Biegel noted that more often, businesses are accepting these payments via banks’ lockbox services. Automating Lockbox Data – And Beyond. “The work from there is, what do you do with the exceptions?”

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Billtrust CEO On Delivering The Perfect B2B Payment

PYMNTS

For businesses managing tens of thousands of transactions every month, manually sifting through email inboxes to match remittance data with bank account information is a massive point of friction. A real-time transaction may be more predictable, but it doesn't address the issues of cost and interoperability, said Lane. Going Public.

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Banks Pair Up To Improve Age-Old Business Friction

PYMNTS

Temenos will integrate its Transact and Infinity payments and banking technologies within the new bank, which will focus on corporate financial services and trade financing. In an effort to address the friction of paper checks, Citizens Bank & Trust is collaborating with CheckAlt to launch lockbox and corporate treasury services.

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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. As an example, Company A might receive an invoice for $10,000.

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