What is Automated Lockbox?
Every business has a unique set of operational processes when it comes to remittance and lockbox processing. Clearingworks – Automated Lockbox makes it simple to tailor your lockbox processing, without the expense and time delays of traditional legacy systems. Our unique dashboard approach lets you drag and drop workflow gauges, reports, and charts directly onto your dashboard, for a custom user experience without the custom price.
Clearingworks – Automated Lockbox solution works with most industry standard scanners, including NCR, Canon, Burroughs, Panasonic, Opex, and others. There is no need to replace your existing equipment to use our solution. However, if your equipment is aging or is designed for higher volumes of check payments, you can always add newer scanners without impact to your current process. The flexibility and adaptability behind our secure cloud-based Lockbox solution is a key differentiator. We support full page document scanning, check and coupon scanning, and correspondence. Here is a complete list of compatible scanners.
Clearingworks – Automated Lockbox takes a modern approach to the types of Lockbox processing most banks are handling today. In today’s world, a greater number of lockbox payments are the more difficult payments to process. Remittance documents are missing or are in a non-standard format, bill payment companies send in check and lists of accounts to pay, with or without correct account numbers and correspondence will often be received with the payment. Our Automated Lockbox uses advanced Image Analysis technology with Intelligent Learning to simplify the processing of these complex payments. Your bank can now use the Automate Lockbox to deliver a real-time lockbox solution, with high data accuracy and quality, at a fraction of the cost of traditional lockbox processing.
Our experience implementing numerous Automated Lockbox solutions allowed us to create templates based on common requirements for specific industry groups. This reduces the amount of time your staff spends on customer on-boarding. We have templates for the following industry groups:
- Property Management
- Municipalities and Government Agencies
- Professional Services Businesses
- Credit Card Servicers
- Mortgage Companies
In addition, we have templates to support standard business to business payments, including virtual check bursting and full page document OCR scanning.
Clearingworks has a real-time customer portal that can be branded to your specifications. The portal allows business users to view all lockbox activity, research payments by a wide variety of criteria and resolve exceptions. This reduces the delays in processing any exceptions that cannot be automatically resolved through our Intelligent Learning process. In addition, we store all information for a period of 13 months to seven years. Different security roles can be defined for your customers to restrict access. A modern dashboard allows you to differentiate your lockbox solution from other financial institutions. In addition we support SSO integration for a seamless customer experience.
How it Works
Although businesses are moving away from paper-intensive processes, they still receive some hard copy checks and remittance items every month. Banks can leverage their equipment and experience in handling checks, remittance documents and making deposits. However, most bank lockbox systems were designed 20+ years ago using a batch processing methodology, which have little utility for automated handling of exception items or non-standard remittance documents.
With Clearingworks – Automated Lockbox, banks can now automate a good percentage of the “grunt” work, without adding staff or making expensive investments in new hardware. Clearingworks integrates with most check imaging equipment and bank core systems to deliver maximum benefit, without an implementation nightmare. In fact, banks using the Automated Lockbox system experience a 40% – 50% reduction in the time required for traditional lockbox processing.
Businesses still receive a lot of checks – but check imaging and processing is not their main focus. Many businesses would prefer to have their bank provide lockbox services so they can get back to doing what they do best. Banks have the knowledge, equipment and control processes to be great lockbox providers. Getting deposits quickly in the bank and accurately storing images for easy research are key values an Automated Lockbox system will deliver.
Business value the modern approach to receivables and lockbox processing, including:
- Flexible business rules for accurate payment acceptance and posting
- Enhanced cash-flow analysis through real time receivables portal
- Secure archive for up to 7 years storage of checks and all related documentation
- Powerful search and reporting simplifies customer inquiries
Why You Need It
Clearingworks – Automated Lockbox solution was the platform and service we needed to support the lockbox processing needs of numerous local and regional banks and the business customers they serve. The ability to easily tailor reports, searches, extracts and processing requirements is unmatched in the industry.
We recently used Clearingworks – Automated Lockbox to win new business by helping a local water company streamline their numerous check payments. The biggest value add was the ability to easily post payments to their customized accounting system.
Build strategic alliances with your business customers through expanded Cash Management services
Faster on-boarding for new customers through our configuration replicator.
Eliminate or reduce posting delays caused by exception handling
Reduce total cost of ownership and amount of manual effort involved.