RemitStream® Electronic Lockbox from Fiserv helps process online bill payments received through the lockbox with greater speed, accuracy and efficiency.

 

Overview

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.

 

Features

  • Rules-based engine: Payments are sent to the lockbox in an electronic data file. Once setup is complete, electronic payment files are received daily, and a sophisticated rules-based engine automatically governs how transactions from each source are processed
  • Stop-payment processing: To further enhance processing, payments can be automatically compared to a client-supplied file of biller account numbers. This optional stop payment process allows transactions received without a valid account number to be rejected and returned to the bill pay service provider
  • Single transmission: Each day, lockbox customers receive a single transmission of payment and remittance information for easy posting in their accounts receivable system. Information is included from both electronic and paper-based bill payments
  • Electronic settlement: Settlement credits to the biller’s bank account are processed as ACH transactions and funds are made available on the payment due date, eliminating check processing float. The ACH credit can be easily reconciled with payment details provided in payment reports — as well as within the consolidated payments data transmission
  • Electronic returns: Payment returns are debited from the biller’s account via ACH rather than handled by paper. Reports provided to the biller include details such as remitter name, account number, payment amount and reason for return

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RemitStream Electronic Lockbox

RemitStream® Electronic Lockbox from Fiserv introduces end-to-end electronic handling of online bill payments. The added processing speed and efficiency is a major benefit as the number of online bill payments continues to rise.

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For more information on RemitStream Electronic Lockbox and other Fiserv solutions, call us at 800-872-7882 or contact us.

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