Citizens Bank Working With CheckAlt On Lockbox Processing

CheckAlt, which provides lockbox and treasury management services, is now working with Florida’s Citizens Bank & Trust to provide the aforementioned services, a press release says.

The strategy is to help Citizens Bank & Trust expand its market reach and keep serving corporate customers, the release says.

Previously, Citizens Bank & Trust processed lockbox payments in-house. But as the bank ponders growth, it has selected CheckAlt to help it with batching, scanning, processing and delivering payment files.

CheckAlt also has a regional processing facility in Tampa, which the bank decided was a positive factor.

Chad Tagtow, Senior Vice President and Chief Information Officer of Citizens Bank & Trust, said the bank was looking forward to leveraging CheckAlt’s features to boost the customer experience.

“We greatly appreciate CheckAlt’s availability to quickly respond to questions throughout the selection process and are eager to work with the team to support our bank’s growth,” he said, according to the release.

CheckAlt also recently partnered with Tru Treasury to help boost credit unions’ new members and services, PYMNTS writes. The partnership will work with both electronic and paper services, and the partnership will also come with the new LoanPay option, which will provide loan payment experiences for credit unions and corporate customers, attempting to level the playing field to let credit unions draw in new membership from commercial, public and nonprofit interests.

The function of the lockbox, to provide safe locations for users to receive paper checks, was to help get some form of documentation about a given transaction. Their use could be seen as less relevant in recent years, with more reliance on cloud and electronic services.

But PYMNTS writes that the tool still has uses important for the modern day, namely the ability to accept data with payments. That allows customers to receive check payments as well as information on what invoice the check was for. Electronic payments still don’t always have that down yet.