The improvements are a result of Bank of America Merrill Lynch’s patented technology and a comprehensive re-engineering of the entire workflow. Central to this transformation is accelerated image capture, which eliminates traditional paper based processing and mitigates associated risk. These changes breathe new life into a core treasury management service.
BofA Merrill global transaction services business global receivables head Rodney Gardner said: "While the number of checks in the United States has decreased in recent years, there’s no doubt that paper payments will be here for the foreseeable future.
"The digitization of lockbox paper documents and automated processing reduces friction in the system and improves our clients’ ability to manage their accounts receivables and thus, their working capital."
Each month, 17 million checks and 60 million remittance documents are sent to the bank’s lockboxes around the country for processing on behalf of our clients. Traditionally, after arriving at a lockbox, the paper payments and documents would go through manual steps before funds were credited and remittance data reported back to clients. BofA Merrill saw an opportunity to redesign the process and improve the customer experience. Through considerable investment, Global Transaction Services has launched this new business model confirming our long-term commitment to providing wholesale lockbox services to our clients.
Bank of America global wholesale banking technology and operations and global markets operations and middle office chief information officer Bill Pappas said: "We have invested in innovative, industry-leading technology and have recreated the lockbox process – in short, we’ve reinvented the business."
BofA Merrill has more than 70 years of experience providing lockbox services, and today operates lockboxes in major cities across the United States and Canada. The bank also provides lockbox and other check collection services in multiple international locations.
