Santander Bank, N.A. today 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.
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.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
