As payment methods diversify and customer expectations increase, the traditional collection and lockbox processing model must evolve. The growing complexity of incoming payments—especially non-conforming mail and unstructured transactions—coupled with the change in expectations, demand smarter, scalable solutions. This situation of complexity and expectations has ushered in a new era of modern collection processing, focused on eliminating manual inefficiencies and using intelligent automation tools to improve accuracy and data quality, driving faster payment processing and improved operational throughput and scalability.

Deluxe’s Dave Boyce sits down with Craig Jeffery on the Treasury Update Podcast to talk about the latest capabilities lockbox providers can use to improve their existing processes and meet the growing needs of corporations.

In this episode, we’ll discuss some key features of modern collection solution sets:

• Virtual batching
• Machine learning-driven recognition
• Historical learning
• Intelligent character recognition (ICR) technology