JPMorgan Treasury Services Unveils New US Lockbox Network
JPMorgan Treasury Services, the provider of global payment, trade finance and treasury services management, has launched a new nationwide lockbox network. The network rolls out with facilities in Chicago, Dallas and New York. Additional facilities in Atlanta and Los Angeles are scheduled to open later this year. The national network will allow collections to be automatically consolidated into a single account, providing customers with all the advantages of a national network of optimal mail collection sites without the disadvantages associated with multiple accounts or lockbox vendors. ‘Because the network is designed with standardized processes between sites, corporate customers are afforded a quicker, more efficient way to turn receivables into usable assets,’ the firm said. A patented ILIAD online browser allows clients can access remittance documents nationwide ‘at any time’. Other features include payment notification which alerts customers when specific payments are received, image annotation that allows users to ‘stick’ notes to check and document images, standard or customized report creation using magnetic ink character recognition (MICR) and key-entered information, and file download capability in Bank Administration Institute (BAI), fixed-length, or comma-delimited formats. The ILIAD browser also features a seven-year image archive with disaster recovery back-up.