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Santander launches eLockBox as a digital solution

Friday 15 April 2022 11:46 CET | News

Spain-based Santander Bank has announced the launch of Santander eLockBox, an electronic lockbox that helps to consolidate incoming digital payments and simplify electronic receivables management for companies.

Some of the benefits of the new service include automated revenue cycles, time saving, reduced costs, and the optimisation of resources for enhanced profitability.

The bank is actively looking to digitise banking solutions and create convenient, accessible, and simplified customer experiences. The eLockboxs combines payments from a company’s online banking into a single electronic payment data file that facilitates posting and reconciliation, along with a streamlined Automated Clearing House (ACH) daily deposit for all collected payments.

The new service allows businesses to easily and faster access their funds than through a traditional lockbox service, eliminates manual data entry, and reduces the risks and the overall operational costs. 

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Keywords: online banking, reconciliation, ACH, online payments, digitalisation, digital banking
Categories: Payments & Commerce
Companies: Santander
Countries: United States
This article is part of category

Payments & Commerce

Santander

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