24 August 2017
Find out more

Wachovia introduces ARC capabilities for retail lockbox customers

29 October 2004  |  594 views  |  0 Source: Wachovia

Wachovia's Treasury Services Division announced today the availability of an Accounts Receivable Conversion (ARC) service for retail lockbox customers that converts eligible check payments to Automated Clearing House (ACH) debits when processing customer remittances.

Wachovia's Retail Lockbox ARC service provides expedited, predictable funds availability, which enables organizations to more quickly and confidently deploy their funds.

"We are pleased to be able to offer Retail Lockbox ARC to our customers as part of our full suite of Electronic Check Conversion services," said Jean Kochick, Vice President and ACH Team Manager, Wachovia's Treasury Services Division. "Whether our customers process their remittances in-house or with Wachovia through our nationwide Retail Lockbox network, we can provide the appropriate ARC service."

Retail Lockbox checks are scanned to identify transactions that are ACH eligible. Eligible transactions are then converted to ACH debits and routed through the ACH network for collection. Funds are deposited into the customer's account the next day. ARC transactions returned for insufficient or uncollected funds can be automatically re-deposited or re-presented two additional times, whereas paper checks can only be re-presented once.

In addition to Retail Lockbox ARC, Wachovia's complete set of Electronic Check Conversion products includes:
  • Corporate Biller ARC - for large volume in-house bill processors
  • Dropbox ARC - for smaller de-centralized billers
  • Electronic Check Conversion at Point of Purchase (POP)
  • Re-Presented Check Entry (RCK)

    Wachovia also provides payment solutions for Web initiated (WEB) and Telephone initiated (TEL) transactions.
  • Comments: (0)

    Comment on this story (membership required)

    Related company news


    Related blogs

    Create a blog about this story (membership required)
    download the paper nowvisit www.worldpaymentsreport.comvisit www.dorsum.eu

    Top topics

    Most viewed Most shared
    Rabobank constructs physical model to understand IT architectureRabobank constructs physical model to unde...
    23068 views comments | 48 tweets | 92 linkedin
    Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
    12224 views comments | 22 tweets | 35 linkedin
    Australia regulates digital currenciesAustralia regulates digital currencies
    11732 views comments | 21 tweets | 35 linkedin
    RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
    11448 views comments | 10 tweets | 8 linkedin
    hands typing furiouslyWhy Is Risk Analytics Important?
    11009 views 0 | 7 tweets | 1 linkedin

    Featured job

    London, UK (or flexible)

    Find your next job