WINSTON-SALEM, N.C., March 12 /PRNewswire-FirstCall/ -- BB&T's Payment
Solutions Division today said it will introduce BB&T Lockbox Web Exceptions
in April.
The Web-based payment processing service, nearing the end of a
three-month pilot program, is designed for businesses looking for a faster,
more efficient way to process and deposit lockbox exception payments, such
as payments received without a remittance coupon or an invalid payee name
on the check.
"This is the newest addition to our suite of electronic payment
services, which are focused on saving time, improving efficiency and
providing quicker access to funds," said Payment Solutions Division
President Bennett Bradley. "BB&T Lockbox Web Exceptions is an interactive
online service which lets wholesale, retail and wholetail lockbox clients
review and authorize pending exception payments in minutes rather than
days."
The new image-based service allows lockbox clients to view images of
their exception payments online throughout the day and decide whether to
accept or reject them, or provide missing remittance detail. It provides
e-mail alerts when there are exception items to review.
Managing lockbox exceptions online allows clients to better manage
their daily cash flow through same-day posting to their accounts
receivables systems and same-day deposit to their bank accounts.
BB&T last year introduced its Lockbox Accounts Receivable Conversion
(ARC) service to process payments and receivables information at BB&T's
retail lockbox sites.
BB&T Lockbox ARC automatically converts eligible payments made by check
into an electronic automated clearing house (ACH) debit. The service
provides capture, validation and origination as well as online transaction
images, reports and ACH returns and resubmissions.
BB&T's Payment Solutions Division includes business lines responsible
for automated clearing house, remittance services and wire transfers; debit
and prepaid cards; and domestic and international treasury services. It
also includes BB&T subsidiaries Creative Payments Solutions, Mid-America
Gift Certificate Company and BB&T Payroll Services Corporation.
With $132.6 billion in assets, Winston-Salem, N.C.-based BB&T
Corporation (NYSE: BBT) is the nation's 14th largest financial holding
company. It operates nearly 1,500 financial centers in 11 states and
Washington, D.C. More information about the company is available at
BBT.com.
SOURCE BB&T Corporation
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Related links:
http://www.bbt.com
http://www.prnewswire.com/comp/809325.html /
CONTACT:
Joseph Watkins, Senior Vice President,
Treasury Products Payments Manager, +1-704-954-1920, or Jeff
Nichols, Vice President, Corporate Communications,
+1-336-733-1472, both of BB&T Corporation
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