Lockbox Services
Gain fast access to cash, reduce costs and improve security with Remittance Processing, Lockbox Services, and Check and Deposit Processing Solutions.
Lockbox payment processing services designed to efficiently capture working capital
Payment Processing Services
Our integrated payment processing for banks and credit unions helps put money to work faster and provides enhanced convenience for financial institutions. You can offer payment collection and lockbox processing services for your corporate members/customers by using our wholesale lockbox and retail lockbox services.
Remittance Processing and Lockbox Services
If your company is focused on delivering high-quality cash and treasury management services to your client base, our lockbox services are the ideal solution. We provide seamless, single-source remittance processing in key U.S. lockbox markets. Our lockbox services also provide the maximum availability of funds while eliminating the need to concentrate funds from multiple banks or consolidate remittance information from multiple locations. We reduce mail float time with our nationwide network of processing facilities strategically located in the top-tier mail collection cities most desired by commercial firms for lockbox processing.
Check and Deposit Processing / Lockbox Services
Our image-based workflow gives clients faster access to images and payment information and accelerates the cash flow process through:
Amount Entry, Data Entry, Recognition Services and Data Validation: We use “hub and spoke” architecture for our lockbox processing operations. Transaction images are sent electronically from the operational capture site to a data entry site.
- Image Capture: High-speed OCR imaging hardware and software payment technology is used to capture images and data from both sides of each check and remittance.
- Image File Delivery: An XML image file transmission option is available that updates your member’s / customer’s internal image archive with data from one or more lockboxes and delivers it to meet your their deadlines.
- Inbound File Consolidation: Allows files of payment information from other sources.
- Receivables Data Files: These provide members/customers with a single, consolidated payment information file.
- Mail Delivery and Sorting Remittance: Mail is picked up regularly, day, night and weekends from the USPS based on a pre-determined schedule and sorted to unique destinations. (Courier deliveries are also accepted.)
- Receivables Data File Delivery: Transaction data captured from checks and remittance documents is formatted according to customer specific file specifications. The receivables data file transmission updates your customer’s accounts receivable systems.
Banking Back Office Operations
Every day, banks and credit unions handle a multitude of incoming transaction items for customers or members — cash and check deposits, bill and mortgage payments, and other transactions. These happen through a variety of channels. Our Banking Back Office Operations can manage all these critical functions to ensure that every transaction is processed and posted according to your policies and procedures. We have expert staff dedicated to each component of the process. In addition, we can handle the behind-the-scenes functions critical to banking operations such as keying; balancing; research; new-account processing; returns and adjustments processing; reviews; transaction processing and account servicing to allow you to focus on growing your margins.
Commonly asked questions
At Conduent, we understand that navigating the complexities of remittance payments and lockbox services can be challenging. Explore answers to some frequently asked questions and learn how these processes can help streamline your payment operations.
What is a remittance payment?
In lockbox processing, a remittance payment is a sum of money sent from one individual or entity to another, often used to settle invoices, bills, or transfer funds internationally.
What is the process of remittance in a bank?
The lockbox process involves a sender initiating a payment, the bank processing the transaction, and the recipient’s bank receiving and crediting the payment to the recipient’s account.
How do lockbox services work?
Lockbox services involve a third-party provider collecting payments on behalf of a business. The provider receives payments, processes checks, and deposits funds directly into the business’s account.
What is wholesale lockbox processing?
Wholesale lockbox processing is a service tailored for businesses that deal with payments, often in large denominations. It helps streamline the collection and processing of these payments.
What are the benefits of lockbox services?
Lockbox services can accelerate payment processing, improve cash flow, reduce processing errors, enhance security and free up internal resources for businesses.
What are the different types of lockboxes?
There are retail lockboxes (catering to individual payments) and wholesale lockboxes (focused on business payments), both designed to streamline payment handling for various types of organizations.