U.S. Bank invests in new national wholesale lockbox system
U.S. Bank launched an enhanced national wholesale lockbox technology platform, in May 2011, that will be rolled out at multiple sites within the bank's footprint this year. U.S. Bank's wholesale lockbox service provides payment-processing services for businesses and government agencies, so they can collect both commercial and consumer receivables.
The new image-based platform uses a brand new platform, FIS' RemitEnterprise. The new technology is also being implemented at eight other U.S. Bank lockbox sites this year: Cincinnati, Denver, Los Angeles, Milwaukee, Portland, Seattle, St. Louis and St. Paul, Minnesota.
At the upgraded lockbox sites a range of new electronic services, including: Web Decisioning, which allows customers to view images of an exception item (unprocessible item) and decide whether to reject or process it; split deposits, so users can have one lockbox, but distribute individual payments into separate accounts; and accounts receivable matching, to reconcile payments automatically against outstanding invoices and further automate the cash collection cycle. U.S. Bank maintains dedicated Lockbox Customer Service Departments in each site to assist customers with personalized, timely responses and resolution. U.S. Bank owns all of its lockbox sites and processes all payments in the United States.
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