Chain Bridge Bank offers its own lockbox solution that can help organizations handle incoming check deposits, which is especially helpful for membership associations and donor-funded institutions. A lockbox reduces deposit delay, enhances audit controls, and saves on clerical expenses. The Bank’s lockbox solution utilizes RemitPlus technology, which captures check images as well as ancillary information such as donor forms, vouchers, stubs, and coupons. Payments, remittances, and correspondence received by the Bank are processed and deposited the same business day. Clients can view, print, or download the scanned images from the lockbox receipts. Customized reports can also be developed for recordkeeping purposes. Images of all deposited items, other materials received, and reports are archived within the lockbox portal. Each client receives its own U.S. Post Office box number associated with its lockbox.
Safeguarding against fraud is among the most important functions in banking today. Chain Bridge Bank makes this front and center with Positive Pay, a tool that detects potential fraud activity by matching the details of authorized debits provided by the client against the associated ACH and check transactions presented for payment.
Positive Pay is integrated into the Treasury Management platform, which is provided at no charge to all commercial clients. The authorized debits details matched with check and ACH items include payee name, check number, dollar amount, and issue date. The client has same-day access to suspend suspicious items by placing stop-pays and returning any fraudulent debits.
Chain Bridge Bank’s operations specialists are experts in administering the Positive Pay anti-fraud process and work diligently and efficiently with clients to flag and review suspicious debit activity, especially in heavy volume situations.
REMOTE DEPOSIT CAPTURE
Founded shortly after the Check 21 Act took effect, Chain Bridge Bank is one of the few depository institutions that has always offered clients the ability to settle checks with images instead of paper. Its RemitPlus technology works with a remote deposit capture machine and other desktop scanning devices to allows funds from a single check, or from multiple checks, to be deposited into a single account or split and then deposited into separate accounts.
In addition to capturing images of checks, RemitPlus also captures images of payer/donor information forms, vouchers, stubs, coupons and other relevant characteristics and routes them through an image cash letter. Its advanced character recognition reads and stores the amounts, thus significantly reducing errors generated through manual entry. This solution allows clients to view the front and back of check images and to quickly search the checks by amount, account number, name, and further relevant details.
Remote Deposit Capture provided by Chain Bridge Bank is the ideal payment processing arrangement for organizations to automate large volumes of check deposits and the associated data with servicing provided by true experts in 21st century check deposit technology.