Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today introduced its new RemitStream® Remote Lockbox Capture solution to help organizations manage payments that consumers or businesses have mailed directly to or walked into the bank customer’s office.
Using RemitStream Remote Lockbox Capture from Fiserv, organizations receiving check payments and documents in their offices can remotely capture the items using a PC, a qualified scanner and an Internet connection. After using a scanner to capture images and data of checks and envelopes and full-page invoices, stubs, coupons or any type of remittance document, the organization can then transmit these to a Fiserv lockbox site. The scanned data and images are then merged with lockbox transactions for posting, clearing and information reporting and archiving. For bank customers, the ability to capture remote payments and supporting documents from their offices saves transportation and courier costs, minimizes paper handling and provides a local mailing address and faster deposit of funds. In addition, the lockbox customer can potentially reduce Days Sales Outstanding (DSO) by one day.
An example of the Fiserv core competency in payments, RemitStream Remote Lockbox Capture enables financial institutions to meet customers‘ local or regional mailing address requirements and grow deposit and fee-based revenues without capital expenditures
“Before Remote Lockbox Capture, the financial institution's customer was sending payments via overnight courier to our lockbox site or driving to make the deposit at a local branch or lockbox location,” said Anna Quinlan, president, Remittance and Check Solutions, Fiserv. “With RemitStream Remote Lockbox Capture from Fiserv the lockbox customer can scan images and data and Fiserv will finish the processing, creating an image cash letter for clearing and settlement purposes. Subscribers to our Web-based image viewing and lockbox reporting application may view their remotely-captured images that same day. Lockbox customers who previously received a transmission for the work received at their offices now receive one consolidated lockbox transmission incorporating remotely captured transactions with those processed via their regular lockbox.”
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