Lockbox is a service provided by banks to process faster payments and reconcile the open account receivable invoices of the customer it is associated with. Lockbox is a postbox created by the bank at strategic geographies where a company expects its business to collect receivables.
1. Non-standard Cheques : Bank received Cheques from different customer and different format. It is a challenge for automation software to handle them in the same way in each time.
2. Unstructured Data : low quality cheques and Handwritten data available in cheques. It is a challenge for automation software to handle them in the same way in each time.
3. Discrepancies & approvals : The manual process extends to resolving discrepancies. Does the Cheques price, Invoice no and customer database matches with database table?
Automation Solution :
The AR process using below use cases for automating the invoices,
1. Cheques Segregation
2. Cheques Extraction using OCR
3. Cheques details Enter into ERP system
1. Improved Cheques accuracy with zero error
2. Standardized Processed