U.S. Bank Introduces Retail Lockbox Services

U.S. Bank’s treasury management division is now offering three new services designed to accelerate the Minneapolis institution’s processing and deposit of retail-lockbox exception payments, such as payments received without a remittance coupon. The MICR Database Matching uses payment history of a customer's lockbox that can speed payments received without a remittance coupon. Using the Perfect Payment service, businesses transmit a database file of their client information to U.S. Bank so that when a check is received without a remittance coupon, lockbox personnel search the database to locate the client and match the payment to the correct account information. A third new service is a Web-based exceptions tool that allows retail-lockbox customers to view images of their exception payments via U.S. Bank's Image Look imaging software. The lockbox network of U.S. Bank, which processes more than 200 million retail-lockbox payments per year, includes processing sites in Cincinnati, Los Angeles, Milwaukee, Seattle and St. Louis.