Santander Financial institution, N.A. at present introduced the launch of Santander eLockBox, an digital lockbox that works to consolidate incoming digital funds and simplify digital receivables administration for companies.
The improved product providing permits prospects to automate their income cycle, saving them time, lowering prices, and optimizing extra sources to assist assist the core wants of their organizations.
“The launch of our complete Santander eLockBox service is a superb answer for purchasers who’re able to simplify their digital fee processes,” stated Ken Deveaux, Head of Santander Transaction Banking. “Santander eLockbox is a main instance of our ongoing funding in expertise to additional digitize our banking options and create a extra handy, accessible and simplified expertise for our prospects.”
The answer works by offering an possibility for purchasers to be paid electronically as a substitute of by paper examine. Santander eLockbox combines funds from an organization’s on-line banking or different digital fee service into one digital fee knowledge file to facilitate posting and reconciliation, together with a single, streamlined Automated Clearing Home (ACH) day by day deposit for all collected funds.
With Santander eLockBox, firms are capable of entry funds quicker than with a standard lockbox service. The method eliminates handbook knowledge entry, lowering dangers and general working prices. Santander eLockBox additionally aggregates fee transmissions from community connections to the buyer bill-payment service suppliers and monetary establishments. As a very digitalized course of, Santander eLockBox takes paper out of the method fully, and enhances Santander’s environmental, social and governance (ESG) targets which embody reaching carbon neutrality in its operations.
The launch of Santander eLockBox comes on the heels of a rising urgency for a extra digitized, contactless fee course of that has solely grow to be extra obvious as a result of COVID-19 pandemic.