JP Morgan has introduced Virtual Remit solution, a new lockbox remote capture capability that enables clients to capture and transmit remittance data and images directly from their desktop with a single scanning device that accepts US-denominated checks, coupons, envelopes and full-size documents.
Reportedly, built on JP Morgan’s Receivables Edge online receivables management service, Virtual Remit’s integrated remote capture capabilities enable clients to streamline the collections process via the internet. All items scanned with Virtual Remit are combined with existing lockbox items and workflow, providing Receivables Edge clients with an access to remittance information.
The bank has stated that its Virtual Remit solution delivers benefits such as: expands remote capture for checks to include full-page documents; leverages single, in-house device to scan checks and documents; utilizes existing lockbox processing for data capture, data transmission and deposit; reduces branch deposits, lockbox over the counter payments, and courier deliveries; reduces courier fees and time spent preparing deposit packages; optimizes funds availability; eliminates the need to purchase or manage software applications; improves straight-through processing (STP) by eliminating manual posting and consolidates all receivables transactions (check, ACH, wire, Virtual Remit) into Receivables Edge.
Craig Vaream, managing director and receivables product executive, JP Morgan treasury services, said: “With our new Virtual Remit solution, clients can capture virtually any type of remittance document and immediately populate that data into our Receivables Edge online receivables management service where it is easily accessible as part of the accounts receivable flow of information. Clients will now be able to more effectively consolidate critical remittance information, while reducing collection costs and improving efficiency.”
Susan Webb, executive vice president and product executive, global core cash management, JP Morgan treasury services, said: “We are extremely pleased to roll out Virtual Remit as part of JP Morgan’s continuing effort to migrate clients from paper to electronic processes. By making powerful electronic tools such as this available to our clients we make it possible for them to obtain the important information they need to gain greater visibility into their vital cash flow.”
