Internet Payment Exchange Introduces Its Electronic Lockbox

Internet Payment Exchange (IPAYX) announced at TAWPI’s 29th Annual Forum & Exposition that the company is completing the design of its electronic lockbox called the IPAYX Consolidator Server (eLockbox). The eLockbox is a component of the IPAYX Virtual Clearinghouse, which is designed to efficiently transfer payment and remittance advice information to consumer and business customers through the Internet. The eLockbox will enable lockbox operators or billers to receive electronic remittance information from both the company’s Virtual Clearinghouse as well as traditional paper-based clearinghouses. IPAYX anticipates its first eLockbox to be in operation during the fourth quarter of 1999.


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