PNC Bank, a member of The PNC Financial Services Group has announced that its PNC Bank Canada Branch has opened a new lockbox processing center in Toronto.
The services will be offered to commercial customers doing business in Canada, enabling them to consolidate U.S. and Canadian receivables.
"Businesses are challenged with collecting payments from both sides of the border, often involving multiple financial institutions and vastly different and inconsistent offerings. PNC Canada’s new lockbox features advanced service options that were previously available only to PNC customers in the United States," said James Graham, executive vice president and head of Treasury Management at PNC Bank.
Benefits of the advanced imaging lockbox include:
– Full-color images of paper checks and remittance documents.
– Optical character recognition to minimize keystrokes required to upload data from paper payments.
– Same-day online access to transaction data and images.
– Multiple deposits and online updates throughout the day.
– More efficient management of exception items using advanced technology.
PNC Canada will be the first Canadian provider to offer commercial customers a remote capture solution that is fully integrated with their lockbox. Using off-the-shelf scanners and a desktop computer, customers can capture images of checks as well as attached documents, including remittance slips, invoices and hand-written notes, and submit electronically to the lockbox for processing without leaving their offices.
"Combining state-of-the-art lockbox technology with the benefits of a processing facility in Toronto is part of our commitment to deliver commercial banking capabilities to companies doing business in Canada that are consistent with those offered in the United States," said Graham.