In the USA, companies utilise a Bank Lockbox to receive their incoming check payments. The bank opens the post, then scans the checks and payment advices or remittances. They then deposit money into your bank account and create a payment data file (BAI2) which is transmitted to your company for processing in your ERP system. What is missing from this process is you often lose the image of the check and the remittance.
With Cashbook’s OCR Lockbox Import module, we scan the check and remittance images and link this data with the BAI2 file of the bank, or create our own data file using our Partner Abbyy’s OCR technology engine. We can create image recognition by customer and store these image patterns against customers. When we do this our system learns over time how to handle each type of remittance received.