BNY Mellon's Treasury Services business plans to launch a new wholesale lockbox capture site in June, 2016, designed to provide enhanced service to clients in need of a collection point in the Boston area. Paper-based payments will be sent to a Boston address and received locally, with the payment and associated detail extracted, reviewed and electronically captured at the capture site in the Boston area. Images of these transactions will then be accessed by a core lockbox facility for additional processing.
By optimizing mail float and processing efficiencies for payments mailed to a Boston lockbox address, the service enhancement will put payment capture in a location advantageous to clients while making available for payments captured at the satellite site the full array of receivables services — including indexing, archival services, intra-day retrieval, reporting, and data transmission — provided by BNY Mellon's core lockbox processing facilities.
"Our new payment capture capabilities are a 'best of both worlds' wholesale lockbox solution," said Alan J. Evanish, managing director and receivables product line manager for BNY Mellon's Treasury Services business. "They will give clients in the Boston footprint the mail float advantages of a Boston mailing address, while also allowing them to benefit from the investments we continue to make in centralized lockbox processing capabilities."
Payment capture capabilities for clients in the Boston area will be available in June, followed by Atlanta in August and Philadelphia by year-end. While the initial launch of this service enhancement is focused on wholesale lockbox service delivery, the solution also has sufficient flexibility to process retail lockbox transactions on an as-needed basis.