Banking and Financial
Remittance and lockbox processing operations in the banking and financial industry face a particular set of challenges. High variability in the payment types and associated documents received can make system setup an ongoing challenge, and lockbox clients require an easily accessible portal that will let them monitor daily results or download files and reports.
A Mavro system has the features and flexibility to handle all of the challenges facing remittance and lockbox processing environments. Our “One-Touch” processing, advanced recognition, and Smart Batching™ technologies let you extract and scan intermixed clean and exception transactions without the need for presorting. The system will automatically recognize each transaction type and use Smart Batching™ to process each transaction appropriately in an image-based workflow. And Mavro’s software can seamlessly integrate both wholesale and retail lockbox processing in a single platform.
Our patented Smart Track™ software ensures all transactions are processed on time and all physical documents are stored and shredded as scheduled. In lockbox operations, Smart Track™ simplifies the mailout process ensuring that each client receives a complete and correct package of reports and transactions, and that nothing is sent to the wrong client. Smart Track™ can preprint address forms designed for insertion directly into windowed envelopes, eliminating the mistakes associated with using peel and stick labels. As a result, overall processing quality is significantly increased and the chance of a PCI or HIPAA violation is minimized.
With our Connect™ Web Portal software, operators can use either basic or advanced search features to view reports or stored transactions from any desired time period, and lockbox clients have easy access via a web browser to view stored transactions or reports and receive downloads. Connect’s workflow capabilities allow operators to easily submit predepost exception transactions to lockbox clients when additional information is required to make a processing decision. Clients can view the exceptions via a web browser and supply any needed information.
With data security a paramount concern, a Mavro system’s security features stand out. Automatic or manual redaction of check, credit card, or other sensitive customer information, automatic encryption of all confidential site data, and a full audit log ensure customer privacy and support PCI compliance.
Our Dashboard software lets managers monitor the overall performance of the system and gives them the specific information they need to effectively handle daily fluctuations.
The targeted feature set in MavBridge™ software makes it ideal for any remittance or lockbox processing operation.
- Incoming mail with intermixed payment types can be extracted and scanned using a “One-Touch” process.
- Mavro software automatically characterizes the documents in each transaction in the unstructured batches and uses Smart Batching™ to appropriately process each transaction.
- MavBridge™ imports data from virtually any upstream source such as scanners, faxes, EDI, ACH, or email, and supports releasing data to virtually any downstream destination such as databases or financial accounting systems.
- Extensive redaction capabilities, full system data encryption, and comprehensive auditing ensure that customer information is protected and satisfy the most stringent data security needs, including PCI.
- With Image Studio, changes to the document setup can be made quickly should document layouts change or new documents be added.
- Table-driven lockbox setup and maintenance simplifies adding lockbox clients or making changes for existing clients.
- MavBridge Smart Track™ software tracks both electronic and paper batches from cradle to grave ensuring that you know the location and status of every batch at all times.
- Smart Track™ simplifies the lockbox mailout process ensuring that each client receives a complete and correct package of reports and transactions, and that nothing is sent to the wrong client.
- MavBridge Connect™ Web Portal software allows operators to view reports or stored transactions from any desired time period and provides lockbox clients easy, web-based access to transaction images, reports, and downloadable files.
- Connect™ workflow makes it easy for operators to present predeposit exception transactions to lockbox clients for decisioning.
- Complete Check 21 (USA), ICL (Canada), and ACH ARC processing and integration outputs files for one bank or multiple banks as required.
- Support for automated processing of Check 21, ICL, and ACH ARC formatted electronic bank return files.
- Electronic import of payments via CTX 820.
- Post-dated Canadian cheque processing.
- With MavBridge™ Dashboard, managers can monitor every aspect of system health including volume, throughput, and scanning time information.
- Elimination of presorting and manual check perfing, automated data gathering capabilities, automated validation capabilities, and simplified keying procedures result in significant labor and cost savings.
- With a system from Mavro, increased efficiency and value plus pricing produce a compelling ROI.
- Retail and wholesale lockbox transactions can be processed seamlessly on a single system.
- Real-time system monitoring tools make it easy to evaluate operator performance, assign resources, and avoid problems, increasing efficiency and lowering both management and operator stress.
- Comprehensive tools ease job setup tasks for new lockbox clients and modification tasks for existing clients.
- MavBridge Smart Track™ eliminates worries over lost or accidentally destroyed batches.
- Smart Track™ simplifies the return of paper transactions to lockbox clients and eliminates incomplete returns or returns to the wrong client.
- Easy web access to stored transactions, reports, and downloads via the MavBridge Connect™ Web Portal and using Connect™ Workflow for predeposit decisioning contribute to lockbox client satisfaction.
- Security features protect client data and avoid the difficulties associated with a data breach.
- Multiple Check 21 (USA), ICL (Canada), and ACH ARC output files eliminate the need for transporting physical checks to the bank and speed funds availability.
- Automated processing of Check 21, ICL, and ACH ARC formatted electronic bank return files increases operational efficiency.
- True client-server architecture built on a .NET framework eliminates the constraints of legacy systems.