e-Lockbox File Consolidation
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Transcript e-Lockbox File Consolidation
e-Lockbox file
consolidation
Howard N. Forman, AAP
Senior Vice President
Electronic Payments Consultant
Utility Payment Conference
September 27, 2012
© 2012 Wells Fargo Bank, N.A. All rights reserved. Member FDIC.
What is an electronic lockbox?
Consolidation point for online banking bill
payments and other “consumer-directed”
bill payments
Facilitates an end-to-end electronic link
between the biller and the bill payer
1
What are the benefits of an electronic lockbox?
Financial
–Accelerates receivables posting
–Reduces costs (electronic vs. paper processing)
–Simplifies payment reconciliation
Operational
–Simplifies payment receipt process
–Maximizes electronic volume
–Allows for value-added processing
2
Basic features of an e-lockbox service
Consolidates payments electronically from
multiple sources/bill payment providers
–“Best in class” providers will allow aggregation
of other data source (e.g., ACH, lockbox, etc.)
Delivers a “posting ready” data file
Allows transactions to be returned to bill
payers, as necessary
3
“Best in class” features of an e-lockbox service
Direct connections to bill pay service
providers
–Robust network of connections – including walkin bill payment service providers
–ACH CIE payments
Account validation
–Incoming payments verified against acceptable
account structures
–The most sophisticated processors will use your
MAM (positive file) for individual transaction
validation and additional value-added processing
4
“Best in class” features of an e-lockbox service
Online exception management
– Transactions failing validation presented for review
and decisioning via secure, online service
– Exceptions can be corrected or returned
– Posting file contains only “clean,” corrected
payments
Online transaction search/query
Cross-reference processing
– “Old account/new account” swapping
– Corrections to rejected transactions stored for use
on subsequent payments from the same payor
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“Best in class” features of an e-lockbox service
Reversibility processing
B2B payment acceptance
– Leverage account validation features on incoming
ACH business payments
– “Unbundle” ACH CTX transactions
“Expedited” payment processing
– Ability to deliver walk-in payments real-time/near
real-time
Dedicated implementation and operations
teams
6
Contact us
Howard N. Forman, AAP
Senior Vice President
Electronic Payments Consultant
[email protected]
Howard N. Forman, AAP
Senior Vice President
Electronic Payments Consultant
[email protected]
© 2012 Wells Fargo Bank, N.A. All rights reserved. Member FDIC.