Fifth Third Bank has teamed up with SourceHOV to launch its new remote capture lockbox strategy. Designed to increase the speed of payment collection from post office locations and streamline the receivables process for wholesale lockbox network clients, the programme will help commercial banking clients avoid mail delivery delays and improve the payment receivables process.
The announcement coincides with recent news from the US Postal Service (USPS) that it will be reducing the number of processing plants which will result in longer mail delivery times in 2012. The Fifth Third Bank offering will help its clients mitigate any increases in mail float as a result of the USPS changes.
SourceHOV will retrieve business-to-business (B2B) payments at post office locations across the country and will image them for processing at Fifth Third Bank’s Cincinnati processing hub. This procedure will help reduce mail float delays associated with mailing payments to the processing centre and help improve funds availability for B2B customers.
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