J.P. Morgan introduced a new lockbox service—Virtual Remit. Virtual Remit is a remote capture capability that enables clients to capture and transmit remittance data and images directly from their desktops with a single scanning device that accepts U.S.-denominated checks, coupons, envelopes and full-size documents.
The solution is built on J.P. Morgan's Receivables Edge online receivables management service. Its integrated remote capture capabilities are designed to 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 quick, convenient access to remittance information, the company said. As a result, clients are able to gain accelerated funds availability and improved cash positioning since Virtual Remit payments can be processed the same day.
"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," stated Craig Vaream, managing director and receivables product executive, J.P. Morgan Treasury Services, in a statement. "Clients will now be able to more effectively consolidate critical remittance information, while reducing collection costs and improving efficiency."