NEW YORK, April 14, 2011 /PRNewswire/ -- In April 2011, the MDS Virtual Lockbox check scanning system processed its 1 millionth transaction reaching a significant, if symbolic milestone. The system, in live production for eighteen months, has experienced exponential growth as additional businesses sign up to begin processing their in house deposits.
Unlike traditional Remote Deposit Capture (RDC), through a single scan, the MDS Virtual Lockbox updates a user's accounts receivable system while simultaneously depositing those funds with the client's banks. Deposits can be processed through a third party or by passing a standard ICL file directly to the client's bank.
"The growth of this product is very exciting. We are seeing a diverse range of businesses adopt the technology to cut down on their manual accounts receivable processing. From property management to medical billing companies, the more payments being processed, the more time is saved," said Steven Friedberg, President of MDS. "We can implement with most accounts receivable programs by designing a file that looks just like a traditional lockbox import. Most of the time, the A/R system doesn't even know the difference. We can even pass along the image of what has been scanned for access directly from the accounting package."
While MDS's core business is the design and implementation of property management software, this product was a natural complement to their comprehensive accounting package. "By their nature, property management companies process a very high volume of payments each month. The development of an RDC product that closed the loop between the manual entry of payments and the scanning of checks was obvious. We have been working with third party lockboxes for over twenty five years so we understood what it would take to implement this in a way that would most efficiently streamline accounts receivable workflow. When building out the original design, we kept it generic enough to work with anyone's accounting system," said Mr. Friedberg. "Our channel partners have really picked it up and run with it. Our volume is coming not only from a diverse range of business types, but also from multiple distributors out there marketing the system."
MDS has been developing and servicing software solutions to maximize back office operations since 1982. For more information about MDS, visit them on the web at www.multidataservices.com.
Contact: Adam Friedberg
Email: [email protected]
SOURCE MDS Virtual Lockbox