PITTSBURGH and TORONTO, Jan. 13, 2015 /PRNewswire/ -- PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. (NYSE: PNC), announced today that its PNC Bank Canada Branch (PNC Canada) has opened a new lockbox processing center in Toronto, delivering the same state-of-the-art technology that is available in the United States to companies doing business in Canada. The services will be offered to commercial customers doing business in Canada, enabling them to consolidate U.S. and Canadian receivables.
"Businesses are challenged with collecting payments from both sides of the border, often involving multiple financial institutions and vastly different and inconsistent offerings. PNC Canada's new lockbox features advanced service options that were previously available only to PNC customers in the United States," said James Graham, executive vice president and head of Treasury Management at PNC Bank.
Benefits of the advanced imaging lockbox include:
- Full-color images of paper checks and remittance documents.
- Optical character recognition to minimize keystrokes required to upload data from paper payments.
- Same-day online access to transaction data and images.
- Multiple deposits and online updates throughout the day.
- More efficient management of exception items using advanced technology.
PNC Canada will be the first Canadian provider to offer commercial customers a remote capture solution that is fully integrated with their lockbox. Using off-the-shelf scanners and a desktop computer, customers can capture images of checks as well as attached documents, including remittance slips, invoices and hand-written notes, and submit electronically to the lockbox for processing without leaving their offices.
"Combining state-of-the-art lockbox technology with the benefits of a processing facility in Toronto is part of our commitment to deliver commercial banking capabilities to companies doing business in Canada that are consistent with those offered in the United States," said Graham.
PNC Canada is a full service foreign bank branch, dedicated to commercial banking. It is authorized to carry on banking business in Canada and regulated by OSFI. Deposits with PNC Canada are not insured by the Canada Deposit Insurance Corporation.
The PNC Financial Services Group, Inc. (www.pnc.com) is one of the United States' largest diversified financial services organizations, providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.
SOURCE PNC Bank