Overview

Old National Bank's Lockbox Services deliver a comprehensive receivables management solution for businesses of all sizes. Whether your organization handles high volumes of consumer payments, commercial receivables, or a mix of both, our lockbox offering streamlines the collection process by centralizing payment receipt, accelerating processing times, reducing exceptions, and improving cash flow. Combining secure mailroom operations, advanced imaging and data capture technologies, and flexible posting options, the lockbox service helps your business focus on growth while we handle the operational complexities of payment collection.

Key Benefits

• Faster access to funds: Daily processing of received payments and expedited deposit routines shorten the time between receipt and availability of funds.
• Reduced internal workload: Outsourcing mail handling, payment processing, and data entry frees accounts receivable staff to focus on exception management and higher-value tasks.
• Improved accuracy: High-resolution imaging and automated data capture reduce manual entry errors and enhance reconciliation quality.
• Scalability: Designed to accommodate fluctuating payment volumes and seasonal spikes without compromising processing times.
• Enhanced security and compliance: Secure facilities, strict chain-of-custody protocols, and adherence to regulatory requirements protect sensitive payment information.
• Custom posting and integration: Seamless integration with your accounting or ERP system and flexible file formats ensure data flows into your systems efficiently.

How It Works

Our lockbox service centralizes the receipt of payments at a secured processing location. Mail containing checks, remittance advices, and payment coupons is routed to our designated lockbox address. Trained personnel open, sort, and prepare items for scanning. Each payment document is imaged using industry-leading scanners and optical character recognition (OCR) software to capture payer details, invoice numbers, and dollar amounts. Data is validated through automated and manual review processes to ensure accuracy. Funds are deposited to your account according to predetermined schedules, and payment data is delivered to you in the format you specify for timely posting and reconciliation.

Service Options and Customization

Old National Bank understands that no two businesses process payments in the same way. We offer a broad range of options to fit your workflow:

• Retail and Wholesale Lockboxes: Solutions tailored for consumer bill payments and for business-to-business remittances.
• Multiple Delivery Channels: File transfer, secure electronic delivery, or direct integration with ERP and billing systems.
• Remittance Image Access: Access to scanned images of checks and remittance documents to speed exception resolution and customer inquiries.
• Customized Reporting: Daily, weekly, or real-time reporting packages with configurable data fields to meet internal controls and audit requirements.
• Exception Processing: Tiered handling for mismatches, short pays, or unidentified remittance information to minimize posting delays.
• Consolidated Deposit Scheduling: Aggregation and scheduling of deposits to align with your treasury management strategy.

Security, Controls, and Compliance

Security is central to our lockbox operation. We maintain secure processing environments with restricted access, video monitoring, and stringent chain-of-custody procedures. Personnel follow established controls for handling, imaging, and transporting payment instruments. Data transmission is encrypted and delivered via secure channels to safeguard sensitive customer and payment information. Our processes are designed to meet internal audit standards and applicable regulatory requirements, giving your organization the confidence that sensitive financial data is handled with the highest level of integrity.

Integration and Technology

Old National Bank combines robust imaging and data-capture technologies with flexible integration capabilities. Our systems support multiple file formats and transmission protocols to match your existing accounts receivable workflows. Advanced OCR and intelligent character recognition improve data capture rates, while business rules and validation logic reduce exceptions. For companies seeking digital transformation, we offer options to combine lockbox services with electronic payment adoption strategies, enabling a transition toward faster, lower-cost payment channels over time.

Why Choose Old National Bank

Choosing Old National Bank's Lockbox Services means partnering with an experienced financial institution committed to operational excellence and customer service. We provide dedicated onboarding teams, a clear implementation roadmap, and ongoing support from relationship managers and service specialists. Our approach is consultative: we analyze your current receivable cycle, recommend improvements, and configure the lockbox solution to align with your operational goals, cash management objectives, and customer experience priorities.

Onboarding and Support

Implementation is structured and transparent. After an initial discovery phase, we map your remittance processes, define data requirements, and set service-level expectations. A test environment verifies file formats, data integrity, and transmission workflows prior to go-live. Post-implementation, we deliver performance reporting and regularly review processing metrics, identifying opportunities to streamline operations and reduce exceptions. A dedicated support team provides timely responses to inquiries and assists with any adjustments as your business needs evolve.

Use Cases

Lockbox services are effective across a wide range of industries: utilities and telecommunications for high-volume consumer billing; healthcare for patient and insurance remittances; insurance companies for premium collections; manufacturers and distributors for commercial invoices; and higher education for tuition and fee payments. Each use case benefits from faster posting, improved reconciliation, and a reduction in manual processing costs.

Getting Started

To evaluate whether lockbox services are right for your organization, begin with an assessment of your current receivables cycle, average daily checks processed, and exception rates. Our team will provide a tailored analysis highlighting expected improvements in cash flow, labor savings, and processing accuracy. With scalable options and configurable reporting, Old National Bank's Lockbox Services are designed to integrate smoothly with your treasury operations and support long-term efficiency gains.