Chase Manhattan's recent importation of its virtual lockbox from Europe to America reflects a Web-focused reengineering effort where automated optical scanning and Internet technology were added to enable corporate treasury execs to view and reconcile multicurrency items from the comfort of their desktops.

The improved Chase Image Lockbox provides treasurers more accurate remittance data and enables more efficient check collection. This cuts reconciliation time, clearing payments more quickly. Thus, by leaving less money in the cash drawer at the end of the day, customers get a more efficient management model, allowing, for instance, better use of an American company's repo program.

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