JP Morgan today announced the introduction of its Virtual Remit solution, a new lockbox remote capture capability that enables clients to capture and transmit remittance data and images directly from their desktop with a single scanning device that accepts U.S.-denominated checks, coupons, envelopes and full-size documents.
Built on J.P. Morgan's market-leading Receivables EdgeSM online receivables management service, Virtual Remit's fully integrated remote capture capabilities enable clients to streamline the collections process via the Internet. All items scanned with Virtual Remit are combined with existing lockbox items and workflow, providing Receivables Edge clients with quick, convenient access to remittance information. As a result, clients are able to gain accelerated funds availability and improved cash positioning.
"With our new Virtual Remit solution, clients can capture virtually any type of remittance document and immediately populate that data into our Receivables Edge online receivables management service where it is easily accessible as part of the accounts receivable flow of information," stated Craig Vaream, managing director and receivables product executive, J.P. Morgan Treasury Services. "Clients will now be able to more effectively consolidate critical remittance information, while reducing collection costs and improving efficiency."
Powered by remote capture technology, Virtual Remit payments can be processed the same day. As a result, clients gain faster access to working capital with improved funds availability and cash posting; accounts receivable professionals can reduce days sales outstanding (DSO) and get a head start on exception processing. In addition, credit and collection managers can release shipments on credit hold and prevent accounts from going into collection by recognizing receipt of payment quickly.
"We are extremely pleased to roll out Virtual Remit as part of J.P. Morgan's continuing effort to migrate clients from paper to electronic processes," explained Susan J. Webb, executive vice president and product executive, Global Core Cash Management, J.P. Morgan Treasury Services. "By making powerful electronic tools such as this available to our clients we make it possible for them to obtain the important information they need to gain greater visibility into their vital cash flow. As an industry leader, we remain committed to bringing the most innovative technology solutions to bear for our clients, in order to help them succeed in today's highly competitive global marketplace."
J.P. Morgan's Virtual Remit solution delivers benefits such as:
- Expands remote capture for checks to include full-page documents
- Leverages single, in-house device to scan checks and documents
- Utilizes existing lockbox processing for data capture, data transmission and deposit
- Reduces branch deposits, lockbox over the counter payments, and courier deliveries
- Reduces courier fees and time spent preparing deposit packages
- Optimizes funds availability
- Eliminates the need to purchase or manage software applications
- Improves straight-through processing (STP) by eliminating manual posting
- Consolidates all receivables transactions (check, ACH, wire, Virtual Remit) into Receivables Edge
Receivables Edge Online Service
Virtual Remit is based on J.P. Morgan's industry-leading, Internet-based receivables management application and account reconciliation solution. Receivables Edge combines advanced image and data capture technology to deliver a consolidated view of current-day and long-term remittance data. This innovative solution accelerates exception resolution, improves workflow and provides crucial insights into accounts receivables. All payment activity data is merged into a single repository that can be navigated easily online, helping to automate and accelerate exception processing.