West Mifflin, PA (PRWEB) August 21, 2006
PNC is offering, for the first time, an innovative online receivables feature for businesses that can reduce expenses associated with sending overnight packages to collection facilities [lockboxes] and that applies payments faster - same-day - to corporate bank accounts. PNC’s new Remittance OnSite is a new application of check scanning technology combined with advanced lockbox technology.
Large and mid-size businesses that receive large dollar checks as payment from other businesses/customers traditionally off-load the time-consuming process of opening envelopes, extracting content then tracking and recording payment information to third-party collection facilities, known as lockboxes. Yet, some large dollar payments still get addressed and mailed to corporate offices. These payments traditionally require transport via costly overnight mail or courier service to the lockbox facility, delaying processing and access to the funds.
With an “off-the-shelf” document scanner and a desktop computer, businesses can now scan both sides of any check received at corporate offices as well as all of the attached documents, including remittance slips, invoices, hand-written notes and the envelope. Using new technology, PNC will convert the scanned documents into images that are electronically transmitted directly to one of PNC’s seven national lockbox facilities.
Without any delay or costs for transport, the images of the payment are received at the lockbox facility and processed along with the other incoming paper and electronic payments. Processing includes the deposit of funds into customers’ accounts and consolidation of all payment information into one streamlined accounts receivable file that is available to customers’ for review online same-day.
“As a leader in lockbox imaging technology since 2000, PNC has demonstrated the value to our corporate customers of removing the paper from the cash application process, converting most of our corporate customers [75 percent] to imaging technology that saves valuable time in applying payments to accounts,” said James Graham, executive vice president and head of PNC’s treasury management services. “PNC is leading the industry again, offering cutting-edge technology that adds an innovative ‘receivables’ capability to what is broadly touted as remote deposit and puts that capability right into the hands of our corporate customers.”
PNC owns and operates the third largest nationwide wholesale lockbox network in the U.S. with collection facilities located in Atlanta, Boston, Chicago, Dallas, Los Angeles, Philadelphia and Pittsburgh. Remittance Onsite is an advanced feature within PNC’s comprehensive receivables service, A/R Advantage.
The PNC Financial Services Group, Inc. (http://www.pnc.com) is one of the nation’s largest diversified financial services organizations providing retail and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.