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Bank of America, Charlotte, N.C., has launched an online national lockbox service to help its wholesale banking clients sharpen their receiv ables management.
Officials at the $621 billion bank say the color-image system is the first to offer clients coast-to-coast, sameday availability of lockbox images over the Web, reducing mad-float time and speeding conversion of remittances to available funds.
To power the service, BofA installed the Receivables Information Delivery System (RIDS) from Vicor, a Palo Alto, Calif.-based systems integrator, at its processing centers in Atlanta, Chicago, Dallas, Los Angeles and San Francisco. BofA inherited the project, renamed "Lockbox 2K," from NationsBank after they merged.
Having five remittance centers helps to significantly collapse mail float, said Bethann Johnston,...