Headlines:
PNC Locked on Lockbox Policy
PNC Financial Services Group Inc. says it does not plan to process payments with the digital image systems it is installing in a lockbox facility under construction in Woburn, Mass.
Not that this is anything new. Instead, PNC's lockbox services use images for almost every other part of the document management and customer service process.
"The images are images not only of their checks, but also copies of all the information that would come with the checks," said Robert Edwards, the executive vice president in charge of the Pittsburgh company's treasury management division.
PNC lockbox operations in Atlanta, Chicago, Dallas, Los Angeles, Philadelphia, and Pittsburgh all have the same image capabilities, but only one, which he would not name, is using them to process checks, and it only started doing so in December.
The Woburn project, which is actually a building renovation, is expected to be completed in June.
The same imaging hardware and software could be used for processing payments and eventually will be, Mr. Edwards said.
Monthly volume is in the hundreds for the one PNC lockbox that is being used to process checks. Volume will grow as more sites begin to process with check imaging systems, Mr. Edwards said.
Other banks that have started processing checks as images, including JPMorgan Chase & Co. and KeyCorp., have started with similarly low volumes.
Online Resources Offering
Online Resources Corp. plans to offer 4.4 million shares of stock in a follow-on offering.
The Internet banking outsourcing provider, which has 700 financial services customers, said it would offer 4.1 million shares itself and that a shareholder will sell 300,000 shares.
The proceeds will go toward acquisitions, technology and product development, and other purposes, it said in a press release issued Thursday.
It gave no date for the offering.
Shares of the Chantilly, Va., company have traded near $10 this year after being in the $6-$8 range throughout 2004. The stock closed Thursday at $9.82; at that price the offering would raise $43.2 million for the company and the shareholder, not counting the cost of the offering.
