RemitStream® Electronic Lockbox from Fiserv helps process online bill payments received through the lockbox with greater speed, accuracy and efficiency.
When consumers and businesses use online bill pay to make payments, the bill pay service providers often convert these transactions to paper checks before mailing them to the biller’s lockbox for processing. The added steps of printing and mailing paper checks add time to the process and creates potential for payment delays.
RemitStream Electronic Lockbox streamlines this process with end-to-end electronic handling of online bill payments. Payments made through online bill pay are received from the service provider in an electronic data file. Payment and remittance information from the electronic payment file is merged with information from paper check payments received in the lockbox to create a single output file.
This uniform and consolidated payment stream supports accelerated cash application, helping guarantee lockbox customers receive timely credit for their payments.