Fiserv Inc. has 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 the new tool, 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, Fiserv says. In addition, the lockbox customer can potentially reduce days sales outstanding by one day.
"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," says Anna Quinlan, president of Fiserv's remittance and check colutions. "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."