BB&T to introduce online lockbox exceptions service

Source: BB&T

BB&T's Payment Solutions Division today said it will introduce BB&T Lockbox Web Exceptions in April.

The Web-based payment processing service, nearing the end of a three-month pilot program, is designed for businesses looking for a faster, more efficient way to process and deposit lockbox exception payments, such as payments received without a remittance coupon or an invalid payee name on the check.

"This is the newest addition to our suite of electronic payment services, which are focused on saving time, improving efficiency and providing quicker access to funds," said Payment Solutions Division President Bennett Bradley. "BB&T Lockbox Web Exceptions is an interactive online service which lets wholesale, retail and wholetail lockbox clients review and authorize pending exception payments in minutes rather than days."

The new image-based service allows lockbox clients to view images of their exception payments online throughout the day and decide whether to accept or reject them, or provide missing remittance detail. It provides e-mail alerts when there are exception items to review.

Managing lockbox exceptions online allows clients to better manage their daily cash flow through same-day posting to their accounts receivables systems and same-day deposit to their bank accounts.

BB&T last year introduced its Lockbox Accounts Receivable Conversion (ARC) service to process payments and receivables information at BB&T's retail lockbox sites.

BB&T Lockbox ARC automatically converts eligible payments made by check into an electronic automated clearing house (ACH) debit. The service provides capture, validation and origination as well as online transaction images, reports and ACH returns and resubmissions.

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