Integrating a Lockbox Solution with Legacy Treasury Systems

For banks exploring new opportunities to streamline their integrated receivables strategy, it’s important to consider implementing lockbox technology that integrates with existing treasury systems. By taking advantage of a lockbox solution that works seamlessly with current processes, banks can experience optimized receivables processing and an improvement in financial supply chain performance.

Integrating a Lockbox Solution with Treasury Systems: What to Look For

An effective lockbox solution has the capacity to enhance banks’ accounts receivables practices. During the process of selecting the technology that is the best fit for your needs, it’s crucial that you don’t go in blind. When seeking out the right lockbox technology to integrate with your treasury systems, look for a solution with:

  • Electronic Invoice Capabilities. Banks that rely on manual, outdated invoicing processes cost their organizations millions in labor and production costs. A robust lockbox solution will enable your bank to provide electronic invoices to customers for easy access and retrieval.
  • Online Payment Features. Advanced lockbox technology provides customers with increased visibility into payment amounts for individual invoices, payment options and invoice closing dates.
  • Robust Security Measures. Antiquated receivables processing methods eat up company resources. They’re also unsecure and vulnerable to unauthorized access or interference. A strong lockbox solution should implement heightened security protocols, protecting customer and bank information from payment and security fraud.
  • Easy Accounts Receivables Integration. Banks might have previously been skeptical to adopt a lockbox platform based on concerns about how the new platform would work with legacy technology. However, a strong lockbox solution should be able to seamlessly integrate with your treasury systems or enterprise resource platform (ERP) for simplified accounts receivables processing.

Simplified Treasury Systems Integration with PAYBOX®

Direct Insite’s PAYBOX® platform provides an electronic reverse lockbox solution for banks pursuing a more streamlined integrated receivables strategy. In addition, other benefits banks can experience from implementing PAYBOX® include:

  • Reduced Operational Costs – PAYBOX® supports electronic invoices, mitigating the need for your organization to manually print and mail invoices to customers, saving production costs.
  • Boosted Cash Flow – Banks that leverage PAYBOX® are able to collect payments faster, resulting in measurable cash flow improvements. This includes reducing Days Sales Outstanding (DSO), shortening the collection process and straight-through receivables (STP) posting rates over 80 percent.
  • More Flexible Practices – PAYBOX® can be outfitted for a bank’s unique and individual requirements. With such a simplified integration process, banks can adopt an electronic lockbox solution completely hassle-free, while receiving maximum benefits from the technology.

Ready to streamline your integrated receivables strategy? To learn more about how Direct Insite’s PAYBOX® solution combines with treasury systems to enhance AR processes, or to schedule a private demonstration, contact us today.

AR Management