Mellon Global Cash Management (GCM) today announced the availability of wholetail lockbox services for the private-label clients it serves through Mellon Enterprise Cash Management, a premier provider of private-label cash management outsourcing solutions for financial institutions.
Wholetail lockbox services, which unite the flexibility of wholesale lockbox processing with the convenience and speed of electronic remittance scanning found in retail lockbox processing, is available in all seven Mellon Enterprise lockbox sites - Atlanta, Boston, Chicago, Dallas, Los Angeles, Philadelphia and Pittsburgh.
Business customers receiving 5,000 or more payments per month, including a mixture of both scannable and nonscannable remittance documents, would most benefit from this new offering. The solution also is particularly well suited to business customers that receive single payments with multiple remittances, multiple checks with single remittances and/or payments that do not match the billed amounts.
"Banks with customers in the health care, utility, insurance and telecommunications industries, are among the best candidates for our new wholetail lockbox solution," said Robert W. Stasik, executive vice president and head of Mellon GCM, a treasury services business of Mellon Financial Corporation. "The service may also provide an alternative for business customers that collect consumer and business payments, but do not meet the established volume thresholds required for traditional retail lockbox processing."
Business customers also benefit from online access to check and remittance detail on processed retail transactions, along with check, remittance detail, correspondence and envelopes for processed wholesale transactions. The images are available either through EnternetBank, Mellon's private-label, Internet- based information reporting and transaction initiation service; a CD-ROM delivered daily, weekly or monthly; or by file transmission.