PNC's New Imaging Technology Moves Corporate Receivables Towards A Paperless Environment
PNC Bank Treasury Management announced that 395 lockbox accounts for 198 clients have implemented its cutting-edge technology — called A/R Advantage — since it first became operational in January, 2001. PNC’s A/R Advantage combines the technology of digital images of all lockbox payments and remittance documents with all electronic payment information, accessible in one file via the Internet. PNC’s A/R Advantage clients include Campbell Soup, General Electric, General Electric CapitalCorporation (GECC), IKON Office Solutions and New Jersey Hospital Association. While a traditional bank lockbox accepts only checks as an input medium, PNC’s A/R Advantage also includes credit card payments and electronic forms of payment such as electronic data interchange (EDI), Automated Clearing House (ACH) transactions and wire transfers. Combined information about paper and electronic payments is delivered to the client in a single, streamlined report.