The Bank of New York, a global leader in securities servicing, has begun offering its treasury management clients Internet access to its image lockbox product.
Clients will now be able to view images of checks and associated remittance documents, as well as deposit and other detailed activity reports, through the Internet. The Internet-enabled solution is designed to allow clients to review and take action on exception items on a same day basis and access archived material.
This capability further strengthens the Bank's broad array of Internet-based banking services, which includes CA$H-Register Plus®, an innovative cash management delivery system. Over 25,000 clients worldwide use CA$H-Register Plus® to conduct a wide range of transactions, including wire transfers, ACH payments and collections, letters of credit, information reporting and the retrieval of check images.
Eric D. Kamback, senior vice president and head of the global payment services group at The Bank of New York, said, "We have been able to reinvigorate traditional check and paper-based cash management services by combining imaging and the power of the Internet. This comprehensive approach to lockbox processing provides our customers with faster access to information, accelerates their decision-making capabilities and improves the level of service they can provide to their customers."
The Bank of New York has worked with Hyland Software, Inc. and ImageScan, Inc. to offer this new solution to clients.