Payments and receivables

Market view

Check volumes remain sticky, and a critical piece of the global payments' ecosystem. However, some financial institutions no longer want to maintain the real estate and labor-intensive lockboxes required for upfront receipt, digitization of the paper checks, and manual data indexing/validation.

The challenge

In addition to the burden of maintaining physical lockboxes, financial institutions struggle handling the unstructured data trapped within checks and associated documentation. This means financial institution employees have to stare-and-compare data, and manually key it in.