HSBC’s Global Transaction Banking Services business has introduced a remote payment feature which helps facilitate the handling of stranded payments. The new feature marketed as ‘Lockbox Direct’ enables corporate clients of HSBC to efficiently manage stranded payments or misdirected lockbox payments. ‘Stranded’ payments are defined as misdirected lockbox payments that are mailed directly to the biller’s corporate or service centres and walk-in payment centres as well as payments received at field-offices. The new feature allows businesses the ability to electronically capture checks and remittance documents of stranded payments at the point of receipt, according to HSBC. All payment transactions including misdirected payments received at client locations will be eligible for electronic check conversion, handled same-day as received and will be integrated into the accounts receivable posting file. The check and document images can be accessed via HSBC’s online banking system and will allow clients access to all their consumer receivables.
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