New service automates payment processing for property managers allowing them to improve cash flow and overall efficiency
YONKERS, N.Y., June 4 /PRNewswire-FirstCall/ -- As part of the bank's focus on creating innovative solutions for their customers, Hudson Valley Bank announced that it will offer a new product named, "Lockbox TS" (Total Solution) that automates payment processing, accelerates exception clearing and streamlines record retention and research.
Lockbox TS is a state-of-the-art system for property managers to address current payment challenges. "With our new Lockbox TS offering, property managers are able to leverage automated data capture capabilities to revitalize traditional check and paper based cash management services," said James J. Landy, President and CEO of Hudson Valley Bank. "We are excited to roll-out this innovative product for our customers."
The lockbox TS service combines traditional old-fashioned lockbox methodologies with revolutionary imaging technology on an easy to use web-based platform. By using this comprehensive approach to lockbox processing, data entry operators no longer manually key data, reducing error rates and operational costs.
At Hudson Valley Bank Lockbox Operations, checks and associated correspondence items are collected, scanned and images and daily worksheets are created. Once created, Hudson Valley Bank customers can then view the day's work online or on CD ROMs that HVB delivers to their customers for easy record retention and management.
"As a top real estate lender with a large property manager client base, Hudson Valley Bank is in the unique position to understand the challenges we as property managers face and best address our needs," explained Dory Burdick, Treasurer of Heritage Management. "Their Lockbox TS service is a perfect example of their total commitment to their customers." Since using the service, Heritage Management has experienced a reduction in the frequency of errors and a decrease in time and expense associated with processing their 2,295 monthly common charge payments on the 50 buildings the company manages throughout New York and Connecticut.
Hudson Valley Bank (HVB) is a Westchester-based bank with $2.5 billion in assets, serving the metropolitan area with 30 branches located in Westchester, Rockland, the Bronx, Manhattan, Queens, Brooklyn, NY and Fairfield County, CT. HVB specializes in providing a full range of financial services to businesses, professional services firms, not-for-profit organizations and individuals; and offers services specifically designed for attorneys, property managers, real estate developers and investors, municipalities and religious organizations. HVB also provides investment management services through a subsidiary, A. R. Schmeidler & Co., Inc. Hudson Valley Holding Corp. is the parent of Hudson Valley Bank and its stock is traded under the ticker symbol "HUVL" on the OTC Bulletin Board. Additional information on Hudson Valley Bank can be obtained on its web-site at www.hudsonvalleybank.com.
SOURCE Hudson Valley Bank