Extend the Value of Your Legacy Lockbox Processing Platform

On:
Friday, June 13, 2014

Facing tremendous pressure to help corporate customers streamline receivables posting, lockbox providers are hampered by the very systems they rely on to run their lockbox franchises. Many of their lockbox processing systems have been in service for years – some for more than a decade.

Developed and optimized for processing check transactions, these systems are difficult to adapt to new technologies such as electronic invoicing, online exceptions management, and electronic payments. They also lack the flexibility to easily aggregate paper and electronic transactions.

Aging lockbox systems pose a serious roadblock to integrated receivables. But converting to a new lockbox platform involves significant investment in capital and implementation and training time.

Direct Insite’s PAYBOX® – a cloud-based Reverse Lockbox solution that combines electronic invoicing, online approvals and dispute management, electronic payments, and dynamic discounting and supply chain financing – can help lockbox providers extend the value of their legacy lockbox processing systems by making it easier to enrich them beyond their original scope of design.

Here’s how PAYBOX® complements legacy lockbox platforms:

  • Co-exists with any legacy lockbox processing system without modification to either platform
  • Aggregates images and data from any paper or electronic transaction for archive and access
  • Bridges the traditional paper-based lockbox environment and the emerging e-commerce environment with best-in-class electronic invoice presentment and payment capabilities
  • Delivers an open receivables file that legacy lockbox systems can use to resolve exceptions
  • Provides robust reporting that can be accessed directly via the PAYBOX® web portal or uploaded into a financial institution’s treasury workstation platform

With Direct Insite’s PAYBOX®, lockbox providers can:

  • Leverage existing lockbox processing investments and assets
  • Employ an incremental approach to integrated receivables that lowers cost and risk
  • Maximize flexibility to align their lockbox infrastructure with business priorities
  • Speed time-to-market for critical integrated receivables functionality

To learn more about PAYBOX®, contact me at jim.mcshea@directinsite.com or call 954-510-3750.

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