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Banks & Service Bureaus
Lockbox Automation Solution for Banks & Service Bureaus
For banks and service bureaus offering lockbox and BPO services, MavBridge™ software is an intelligent processing platform to automate processing of the various payment types and documents being received. Key benefits include faster cash application, reduced days sales outstanding (DSO), lower labor costs, and fewer errors.
From system setup and integrating client receivables to handling fluctuations in daily volume, MavBridge helps lockbox providers speed up payment posting, lower labor costs, reduce exceptions, and meet Treasury sales targets with responsive solutions for client needs. It also includes an easily-accessible portal to monitor daily results, download files and reports, and provide audit trails.
Automating payment and document processing not only delivers huge cost savings, it boosts customer service, helps to grow long-lasting lockbox client relationships, and improves the bottom line.
MavBridge for Lockbox Providers
One-Touch Processing
Utilize One-Touch Processing to eliminate extra sorting steps, decrease processing times and reduce labor costs up to 65%. Implement flexible and easily configurable workflows to automate recognition and routing of document images based on defined business rules for improved access, auditability and actioning.
Connect™ Web Portal
Provide clients access to Mavro’s Connect™ Web Portal for pre-deposit decisioning of exceptions and researching stored transactions and reports. Satisfy the most stringent data security requirements and eliminate the risk of client data breaches with robust end-to-end encryption.
Smart Batching
Optimize labor costs to drive your margin using Smart Batching to limit document touches and eliminate manual tasks. Generate additional streams of revenue by integrating your clients’ other documents and receivable channels for improved efficiency.
Purpose-Made Features
Our Image Studio makes it easy to set up new documents or to change existing document setups. Managers can monitor overall system performance and get the specific information they need to effectively assign resources and handle daily fluctuations.
Data Security
Ensure customer privacy and support regulatory compliance with automatic end to end encryption of all confidential site data. Automatic or selective redaction of check, credit card or other sensitive customer information; along with audit logs and active directory integration provide the features to protect client data and avoid the difficulties associated with a data breach.
Disaster Preparedness
Our cloud-ready software can be deployed wherever you require remote capture, home-keying, or other multi-site requirements to best support your business. We also offer a hosted disaster recovery solution engineered for total resilience, regulatory compliance, and seamless performance.
Industry Leaders Trust Mavro
Mavro implemented a fully-automated system that seamlessly interfaces with Moore Group’s donor database. Transactions are handled only once when extracted and scanned into an image-based workflow that eliminates the need for keying from paper and the extensive data validation steps to support lockbox processing.
- 30,000+ transactions daily
- 4x increased capacity
- 90% same-day bank deposits
Mavro helped this large bank update an aging lockbox processing system and automate procedures while also maintaining the flexibility and customization opportunities that manual processes allowed.
- 25% labor cost reduction
- 15,000+ transactions daily
- 400 lockboxes
FAQs
What is lockbox processing?
Lockbox processing is a bank or third-party service where customer payments and documents are mailed to a dedicated post office box. They are then collected or uploaded from a bank electronic payment portal, processed and allocated to the customer’s account along with a deposit of any received funds, bypassing the company’s own direct labor for mail handling.
How does automated lockbox processing work?
Payments arrive at the post office box, are retrieved by the processing center, scanned, and captured using optical character recognition (OCR) and other software tools on the images. The system extracts the necessary data, matches it to open invoices, and posts the payments to the appropriate accounts.
What types of payments can lockbox systems handle?
Most systems handle checks, money orders, and accompanying remittance stubs. More advanced platforms like MavBridge also process return check images, electronic payment files, Electronic Fund Transfer files, and forms sent alongside paper checks.
How fast is automated lockbox processing compared to manual handling?
Automated systems typically post payments based upon the priority assigned when they are captured, which can be the same day—whereas manual or legacy application processing can take several days due volume scalability, limited workflow controls and staffing availability.
What are the main benefits of lockbox automation?
Key benefits include faster cash application, reduced days sales outstanding (DSO), lower labor costs, fewer posting errors, better audit controls, and improved fraud detection through consistent scanning and imaging such as One-Touch Processing methodologies.
What banks and service bureaus use MavBridge for their lockbox solution?
Many banks and large service bureaus use Mavro’s MavBridge software to automate their lockbox services processing. First PREMIER Bank, SPS, Ricoh, Gainwell, Conduent, PRWT, Moore Group, and OSG are some of the many institutions with MavBridge implementations, processing hundreds of thousands of payments daily.
