TransCentra, a leading provider of billing and payment software and services in the USA, has enhanced its private label remote lockbox offering. Corporate customers of TransCentra’s private label bank clients are now able to scan checks and accompanying documents remotely as an alternative to either mailing them to the lockbox site or processing them through a stand-alone remote deposit capture application.

New functionality

In addition to checks, corporate customers can also remotely scan all accompanying materials such as invoices, coupons, loan documents, applications and envelopes. All scanned items are processed, data captured, archived and, for clients with a lockbox on the TransCentra private label platform, automatically consolidated with mailed payments sent directly to the lockbox for processing and accounts receivable file reporting.

“For many treasury management banks, remote deposit capture is a separate product from lockbox, even though many of the items that pass through these two products are destined for the same place – checks are deposited, and corporate clients’ receivables systems are updated to reflect the payment,” said Paul Diegelman, senior vice president at TransCentra.  “Checks captured remotely often have important accompanying documents that are used in the receivables posting or archiving process such as a loan document or homeowner’s association coupon.  By further enhancing our remote lockbox service, we help our private label bank clients eliminate the management of multiple products while delivering consolidated processing, reporting and receivables posting functionality to their corporate customers whether they use a traditional lockbox or not.”

Potential users

TransCentra’s private label remote lockbox solution enables corporate users to intuitively step through the scanning process and review captured items. Users receive alerts for any issues or unreleased batches that require attention, and enhanced tracking and search capabilities allow them to access rapidly specific transactions as needed. Extending lockbox functionality to the desktop adds convenience and efficiency to payment processing for any company that processes wholesale and retail payments, including specialty verticals such as healthcare organizations, homeowners associations and property management companies. 

The service is available to banks to white-label as a complement to their current lockbox, or as a replacement for an existing legacy remote deposit capture application.

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CTMfile take: Even though the usage of lockboxes is declining, improvements in lockbox functionality are welcome. This blending of the traditional Remote Deposit Capture services and the traditional lockbox can remove excess friction within payments for both banks and corporates. Worth asking your bank if they are going to make this service available.