Hudson Valley Bank’s Lockbox Total Solution Helps Property Managers with Payment Challenges
- Jun 22, 2009
Hudson Valley Bank’s new product, named “Lockbox TS” (Total Solution), is designed to automate payment processing, accelerate exception clearing and streamline record retention and research. Lockbox TS is a system for property managers that addresses current payment challenges. “With our new Lockbox TS offering, property managers are able to leverage automated data capture capabilities to revitalize traditional check and paper-based cash management services,” says James J. Landy, President and CEO of Hudson Valley Bank. “We are excited to roll out this innovative product for our customers.” The lockbox TS service combines traditional old-fashioned lockbox methodologies with revolutionary imaging technology on a web-based platform. By using this comprehensive approach to lockbox processing, data entry operators no longer manually key data, reducing error rates and operational costs.At Hudson Valley Bank Lockbox Operations, checks and associated correspondence items are collected, scanned and images and daily worksheets are created. Once created, Hudson Valley Bank customers can then view the day’s work online or on CD ROMs that HVB delivers to customers for record retention and management.