BUFFALO, N.Y. - M&T Bank, a $10 billion-asset institution, has begun offering an image-based wholesale lockbox service.
The image system, which is based on software from ImageScan Inc. of Lanham, Md., has been in full production for several months. All of the bank's wholesale lockbox accounts have been converted to the system, which handles about 150,000 check images each month.
According to Christine Smith, assistant vice president at the bank, the new system lets the bank "eliminate a number of redundant steps that were required for quality control in out previous, manual system."
- Tracey Tucker, Brian Tracey, Steven Marjanovic, Matt Barthel