New digital solution consolidates and streamlines incoming digital payments, simplifies electronic receivables management, and accelerates collections
Santander Bank, N.A. announced the launch of Santander eLockBox, an electronic lockbox that works to consolidate incoming digital payments and simplify electronic receivables management for businesses. The enhanced product offering allows customers to automate their revenue cycle, saving them time, reducing costs, and optimizing more resources to help support the core needs of their organizations.
“Santander eLockbox is a prime example of our ongoing investment in technology to further digitize our banking solutions and create a more convenient, accessible and simplified experience for our customers.”
“The launch of our comprehensive Santander eLockBox service is a great solution for clients who are ready to simplify their electronic payment processes,” said Ken Deveaux, Head of Santander Transaction Banking. “Santander eLockbox is a prime example of our ongoing investment in technology to further digitize our banking solutions and create a more convenient, accessible and simplified experience for our customers.”
The solution works by providing an option for clients to be paid electronically instead of by paper check. Santander eLockbox combines payments from a company’s online banking or other electronic payment service into one electronic payment data file to facilitate posting and reconciliation, along with a single, streamlined Automated Clearing House (ACH) daily deposit for all collected payments.
With Santander eLockBox, companies are able to access funds faster than with a traditional lockbox service. The process eliminates manual data entry, reducing risks and overall operating costs. Santander eLockBox also aggregates payment transmissions from network connections to the consumer bill-payment service providers and financial institutions. As a completely digitalized process, Santander eLockBox takes paper out of the process entirely, and complements Santander’s environmental, social and governance (ESG) goals which include achieving carbon neutrality in its operations.
The launch of Santander eLockBox comes on the heels of a growing urgency for a more digitized, contactless payment process that has only become more apparent due to the COVID-19 pandemic.
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