Pre-Deposit Reviews
Review every check digitally before depositing. This reduces risk, eliminates surprises in your cash flow, and ensures you maintain complete oversight.
Why Leading Organizations Choose Our Alternative to Lockbox Services
Traditional lockbox services often leave you in the dark. Our check capture solution keeps you in control while delivering the speed and efficiency required of today’s finance and operations teams.
Same-Day Deposits
No waiting periods or delays. Checks are processed and made available for deposit the same day they’re approved.
Correspondence Handling
Receive important business correspondence with checks? All types of incoming documents are efficiently processed alongside checks via our digital mailroom solutions.
How Our Lockbox Alternative Works
Here’s how we transform your check handling from start to finish:
- Receipt & Intake: Your checks, remittance advices/payment stubs, and any incoming correspondence arrive at our secure processing facility, allowing us to capture all your inbound documents.
- Digitization & Data Capture: Using a proven and trusted process, your checks and supporting documents are scanned with key magnetic ink character recognition (MICR) and remittance data is automatically extracted and validated.
- Review & Approval: Your team reviews and approves the digital check images alongside paired remittance and correspondence data, resolving exceptions before depositing.
- ICL File Preparation & Delivery: Once approved, we format the processed payments into the standard image cash letter (ICL) and make it available for upload or transmission to your bank or financial institution.
- Bank Reconciliation & Confirmation Integration:
After your financial institution processes the ICL, we can ingest the corresponding BAI2 file (or other confirmation file) returned by your financial institution. We match and reconcile each deposited item against the original transaction records, automatically updating payment status and generating a complete audit trail.
- Repository & Reporting: All check images, remittance data, paired records, and incoming correspondence are archived and made accessible. You get real-time dashboards, detailed exception reporting, audit trails, and fully searchable documents for research and integration into your downstream workflows.
Traditional Lockbox Services vs. MetaSource’s Lockbox Alternative
| Traditional Lockbox Services | MetaSource’s Lockbox Alternative | |
|---|---|---|
| Processing Speed | Same-day deposits | Same-day deposits |
| Deposit Control | No review before depositing | Ability to review & approve each check before depositing |
| Visibility | Limited transaction details | Complete transparency with reporting & audit trails including status confirmation |
| Risk Management | Reactive to bounced checks | Proactive risk identification |
| Total Correspondence Management | Standalone service | Full digital mailroom solutions to streamline all incoming correspondence at once |
Powered by Industry-Leading Technology: Creditron
By partnering with Creditron, we combine trusted lockbox software with secure check capture services and exception handling workflows to deliver a modern solution that gives you the speed and the control you need.