J.P. Morgan Launches New Lockbox Remote Capture Receivables Solution

J.P. Morgan announced the introduction of its 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 U.S.-denominated checks, coupons, envelopes and full-size documents.

Built on J.P. Morgan’s Receivables Edge online receivables management service, the company said the Virtual Remit’s fully 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 access to remittance information. As a result, clients are able to gain accelerated funds availability and improved cash positioning.

"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," noted Craig Vaream, managing director and receivables product executive, J.P. Morgan Treasury Services. "Clients will now be able to more effectively consolidate critical remittance information, while reducing collection costs and improving efficiency."

Powered by remote capture technology, Virtual Remit payments can be processed the same day. As a result, clients gain faster access to working capital with improved funds availability and cash posting; accounts receivable professionals can reduce days sales outstanding (DSO) and get a head start on exception processing. In addition, credit and collection managers can release shipments on credit hold and prevent accounts from going into collection by recognizing receipt of payment quickly.

"We are extremely pleased to roll out Virtual Remit as part of J.P. Morgan’s continuing effort to migrate clients from paper to electronic processes," explained Susan J. Webb, executive vice president and product executive, Global Core Cash Management, J.P. Morgan Treasury Services. "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. As an industry leader, we remain committed to bringing the most innovative technology solutions to bear for our clients, in order to help them succeed in today’s highly competitive global marketplace."

JPMorgan Chase & Co. is a global financial services firm with assets of $2.0 trillion and operations in more than 60 countries.