JPMorgan Launches Lockbox Remote Capture Receivables Capability
JPMorgan has launched Virtual Remit, a new lockbox remote capture capability that enables clients to capture and transmit remittance data and images directly from their desktop with a single scanning device that accepts US-denominated cheques, coupons, envelopes and full-size documents.
Built on JPMorgan’s Receivables Edge online receivables management service, Virtual Remit’s integrated remote capture capabilities enable clients to streamline the collections process via the Internet. All items scanned with Virtual Remit are combined with existing lockbox items and workflow, providing Receivables Edge clients with quick, convenient access to remittance information. As a result, clients are able to gain accelerated funds availability and improved cash positioning.
“With our new Virtual Remit solution, clients can capture virtually any type of remittance document and immediately populate that data into our Receivables Edge online receivables management service where it is easily accessible as part of the accounts receivable flow of information,” said Craig Vaream, managing director and receivables product executive, JPMorgan Treasury Services. “Clients will now be able to more effectively consolidate critical remittance information, while reducing collection costs and improving efficiency.”