Lockbox in North America: The Facts and Figures of an Exaggerated Demise
Report Summary
Lockbox in North America: The Facts and Figures of an Exaggerated Demise
Businesses still use checks, and companies still need efficient and accurate receivables processing.
Boston, August 27, 2014 – Reports of the death of check payments and lockbox processing have indeed been exaggerated―70% of U.S.-based companies make more than half of their payments to other companies by paper check. Nevertheless, as check usage declines and per-item processing costs rise, the industry must re-evaluate the value proposition of lockbox solutions and determine how they can reduce overall payments processing costs while adding value for clients' receivables processing.
This Impact Report, based on an online survey of 38 bank lockbox providers' senior managers, is the first of two reports considering the status of the North American lockbox industry. It examines processing models, item volume, and frequency of updates to solutions, equipment, and software.
This 38-page Impact Report contains 31 figures and nine tables. Clients of Aite Group's Wholesale Banking & Payments or Retail Banking & Payments services can download this report.