PLANO, Texas – Catalyst Corporate FCU yesterday said it plans to offer credit unions a secure and affordable alternative for processing lockbox payments next month.
The lockbox service will include: daily mail pick-up from a post office box, opening and sorting mail that requires special handling, scanning the check and payment coupon, endorsing the check, electronically reading or manually entering MICR line information from checks, electronically reading or manually entering OCR line and handwritten information from payment coupons, CAR/LAR technology character recognition of the check amount, manual verification of check amount, payments applied in accordance with credit union business rules, and same-day electronic deposit of checks.
Payment output files will be posted on TranZact for credit unions to download, as well as daily reports. Catalyst Corporate will retain and dispose of images and physical documents as directed by the credit union.
