Lockbox Services
Our nationwide remittance processing network is designed to:
- Maximize your cash flow
- Speed access to critical information from paper receivables
- Streamline your accounts receivable file update process
- Improve customer service
The Bank of New York Mellon's Lockbox Services include:
- Retail Lockbox
- Wholesale Lockbox
- Custom Lockbox
- Image-Based Lockbox
- Remote Check Deposit Service
- Value-Added Lockbox Services
- Is the ideal solution if you receive a large number of consumer payments by mail
- Can speed the collection process
- Helps you gain quick access to funds
- Is a nationwide service
- Allows you to redirect remittances to one or more of the following Bank of New York Mellon processing sites: Atlanta, Boston, Chicago, Dallas, Los Angeles, New York and Pittsburgh
- Is the ideal solution if you receive high-dollar, low-volume business-to-business payments by mail
- Reduces mail float
- Maximizes funds availability
- Concentrates funds into your company's Bank of New York Mellon demand deposit account
- Is a nationwide service
- Allows you to redirect remittances to one or more of the following Bank of New York Mellon processing sites to expedite check collection and maximize availability of funds: Atlanta, Boston, Chicago, Dallas, Los Angeles, New York, Philadelphia and Pittsburgh
- Automated Wholesale Lockbox:
- Captures information from checks and/or remittances
- Transmits this information on a day-of-deposit basis
- Combines remittance information and your electronic payment data into a single transmission
- Is tailored to meet the individual needs of companies that receive 10,000 or more wholesale and retail (wholetail) payment checks per month
- Has the speed and efficiency of computer-scanned remittances
- Provides the flexibility to handle non-standard documents and special processing requirements
- Is a nationwide service
- Allows you to redirect remittances to one or more of the following Bank of New York Mellon processing sites: Atlanta, Boston, Chicago, Dallas, Los Angeles, New York, Philadelphia and Pittsburgh
Image-Based Lockbox:
Our imaging system uses the latest technologies to provide customers with electronic access to their check and document images. This service offers Wholesale and Custom customers:
- Document scanning: state-of-the-art document scanners enable us to index check images with corresponding documents, backup detail and envelopes for each transaction
- Image access via:
- CD-ROM
- The Internet through iTelecash®
- Image transmissions
- Correspondence only imaging
Remote Check Deposit Service:
The Bank of New York Mellon's Remote Check Deposit Service, a new solution that enables corporate customers to accelerate the conversion of payments — received outside of a lockbox or normal payment process — into collected funds. Benefits include decreased transportation costs, enhanced customer service and accelerated access to cash.
Our Value-Added Lockbox Services include:
- Cash Management Expertise
- Our cash management experts will help provide comprehensive solutions for your cash management needs
- Receivables Matching
- Helps you reduce exception items and increase posting accuracy
- Automatically compares your open invoice file to payments collected via a Bank of New York Mellon Lockbox
- Reduces time-consuming research and manual applications to your accounts receivable system
- Credit Card Payment Processing
- Integrates credit card payments with paper-based and automated clearing house (ACH) remittances
- Streamlines your receivables processing
- Lockbox Consolidation Service:
- Consolidates information from each of your lockbox banks so you need only refer to a single source of receivables information
- Internet Reporting:
- Single Internet portal for secure cash management balance reporting and image history
- Customized Event Notification:
- Receive via e-mail, fax, pager or wireless device