Chase Manhattan Bank has selected Vicor to supply imaging software to its New York wholesale lockbox processing center.
Vicor's image lockbox system, known as Receivables Information Delivery System, would enable the bank's lockbox operation to replace paper documents with software imaging. Through Chase Workspace, companies would receive intraday color images of their remittance documents via a browser-based system that retrieves images of receivables. The system has been customized for Chase.
This is the third in a series of major upgrades that Chase has implemented in its global receivables management business this year. In January, Chase announced a joint venture with Regulus Group for retail lockbox imaging and a nationwide expansion. In May, Chase opened a lockbox site in Singapore, its second in Asia.
After installing Vicor, Chase plans to upgrade its receivables management system with matching service that consolidates paper and electronic payments.