Direct Insite Corp, a provider of e-invoicing solutions for Accounts Payable and Accounts Receivable, announced that the company has developed and deployed an electronic 'Reverse Lockbox' solution. The cloud based PAYBOX solution was developed to be private-labeled by bank lockbox providers as part of an electronic lockbox or integrated receivables strategy.
Direct Insite offers cloud-based e-invoicing solutions for Accounts Payable, Accounts Receivable and Payments automation to more than 450,000 suppliers and customers in over 100 countries.
PAYBOX will be used by banks to extend their lockbox and treasury management services to strengthen customer relations, generate new revenue streams, drive e-payments adoption, and create opportunities for supply chain financing. PAYBOX enables bank lockbox clients to accelerate Days Sales Outstanding, reduce invoice presentment and collection costs, and increase receivables straight-through posting.
Direct Insite's PAYBOX™ combines:
- Invoice presentment: Enabling billers to post invoices to a secure website. Payers then access their invoices via a password-protected mailbox.
- Adjustments and approvals:Replicates a payer's workflow to allow for online review, adjustment and approval of invoices. Billers receive real-time updates on adjusted invoices for faster resolution.
- E-Payments: Enables payers to control the amount they pay, the payment type, and the settlement date. Combining invoice presentment and approval and payment in a single platform can drive p-card issuance and utilization – a key benefit for banks.
- AR integration: Provides a remittance file for reconciliation and posting.
"Each and every day, declining check volumes and the growth of electronic invoicing and payments chip away at the trillion-dollar business that banks have built in lockbox processing," stated Direct Insite President and CEO, Matthew E. Oakes. "Direct Insite's PAYBOX™ reverses the tide of eroding lockbox volumes and helps banks evolve and grow, not just preserve, their lockbox franchises."
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