More than 600 attendees tune in as top U.S. banks and industry
leaders discuss lockbox’s evolution
The panel discussed the current state of lockbox amid paper declines and the impact of new electronic services. Participants also shared thoughts on the evolution of value added services, retail and wholesale processing convergence as well as partnering strategies around lockbox.
“Every year billions of business-to-business and consumer-to-business checks are processed by lockbox operations,” said Diegelman. “It is important to consider the future of a service that market research group Phoenix Hecht says is used by over 70 percent of large corporations and more than 40 percent of middle market companies to collect their cash and enhance their liquidity.”
Panelists also proposed that the market for lockbox services might be expanding, contradicting the common wisdom that it is contracting. “Lockbox really is not just paper payment processing anymore,” said