article thumbnail

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. 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.

Lockbox 75
article thumbnail

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.

Lockbox 67
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

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 Lockbox services may seem outdated in today’s ecosystem of electronic payments and cloud-based financial management platforms.

Lockbox 43
article thumbnail

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

Lockbox 40
article thumbnail

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.

article thumbnail

Banks Pair Up To Improve Age-Old Business Friction

PYMNTS

In an effort to address the friction of paper checks, Citizens Bank & Trust is collaborating with CheckAlt to launch lockbox and corporate treasury services. Citizens had previously processed lockbox payments in-house, but will now use CheckAlt to batch, scan, process and deliver check payments. “We

Lockbox 79
article thumbnail

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.

Lockbox 68