PLANO, Texas (2/17/12)--Catalyst Corporate FCU, Plano, Texas, will soon offer a lockbox payments processing service.
Catalyst Corporate's new lockbox service will manage repetitive tasks, such as incoming credit card or loan payments, address changes, correspondence, unsigned checks and checks without payment coupons, said Karen Coble, Catalyst Corporate's vice president of sales.
Credit unions will be able to view their lockbox activity, images and reports through Catalyst Corporate's online account management system (TranZact).
The lockbox service includes: daily mail pick-up from a post office box, opening and sorting out mail that requires special handling, scanning the check and payment coupon, endorsing the check, electronically reading or manually entering MICR line information from checks, electronically reading or manually entering optical character recognition line and handwritten information from payment coupons, courtesy amount recognition/legal amount recognition technology character recognition of the check amount, manual verification of check amount, payments applied in accordance with credit union business rules, and same-day electronic deposit of checks.
In addition, payment output files (defined by member) and daily reports will be posted on TranZact for credit unions to download. Catalyst Corporate will retain and dispose of images and physical documents as directed by the credit union.