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Atlanta, Georgia Office

3930 East Jones Bridge Road
Atlanta
GA
US

Owings Mills, MD Office

25 Crossroads Drive, Suite 200
Owings Mills
MD
US

Los Angeles Office

11150 Olympic Blvd, Suite 600
Los Angeles, CA
US

The Hague, Holland Office

Loire 200-202
The Hague
NL

London, UK Office

Baker's Hall 7 Harp Lane
London
GB

Singapore Office

30 Cecil St. #22-02/08 Prudential Tower
Singapore
SG

Scottsdale, Arizona Office

7272 E. Indian School Road
Scottsdale
AZ
US

Jersey City, NJ Office

10 Exchange Place, 23rd Floor
Jersey City
NJ
US

Brookfield, Wisconsin Head Office

255 Fiserv Drive
Brookfield
WI
US

Sydney, Australia Office

Level 14 124 Walker Street
North Sydney
AU

Luxembourg Office

4 Rue d'Arlon
Luxembourg
LU

Uxbridge, UK Office

7 Roundwood Ave
Uxbridge
GB

Lake Mary, Florida, US Office

600 Colonial Center Pkwy
Lake Mary
FL
US

Telephone

617-217-2816

Contact

Melanie Cousins
[email protected]
Back to all Fiserv announcements

Fiserv Launches RemitStream Remote Property Management Lockbox Service

Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today unveiled RemitStream(R) Remote Property Management Lockbox, a solution to help property management companies receiving assessment or rent payments in their offices to automate the assessment collection process and potentially improve cash flow. The solution combines all the benefits of RemitStream Property Management Lockbox with RemitStream Remote Lockbox Capture.

RemitStream Remote Property Management Lockbox enables property management companies to remotely capture assessment checks and coupons for multiple homeowners associations and transmit them electronically to a central lockbox site for processing. At this central site, the payments are combined with assessment payments sent to the property management company’s lockbox. A consolidated file, which is sorted by homeowners association, is then sent to the property management company to update the accounts receivable records of each of its homeowners associations. A separate file is also sent to the financial institution to enable deposits into separate demand deposit accounts for each property.

“In the past, an owner or tenant might personally deliver an assessment payment to the property management company office, which would then courier the check overnight to the lockbox site,” said Anna Quinlan, president, Remittance and Check Solutions, Fiserv. “Using RemitStream Remote Property Management Lockbox, that property manager can now scan the checks and coupons in the office and transmit the image electronically to our lockbox site for processing. In addition, property management companies no longer need to maintain separate lockboxes for each homeowners association. They simply send their assessments to one P.O. Box and our service enables the checks to be deposited into separate accounts for each property.“

Another feature of RemitStream Remote Property Management Lockbox is a look-up capability for checks received at the Fiserv lockbox site without coupons. One database is built from payments received with a coupon and populated with the homeowner’s association number from the coupon and MICR line information from the check. Another database contains account numbers as well as name and address information sent by the property management company. Using both databases, Fiserv can look up and process subsequent checks arriving at our lockbox site without a coupon, reducing the need for manual input.