Payment Processing Services

Cheque Processing

Specialised cheque processing and lockbox, with complex exception handling, look-ups and return management.

cheque processing and lockbox

Inefficient cheque processing wastes money and causes compliance issues

The payment industry continues to go through a period of unprecedented change. Covid saw overall volumes drop and the way businesses and banks pay and get paid rapidly evolve. Cheques have continued to decrease as contactless payments and remote banking transfers increased.

However, for those that use cheques, they remain an important and secure way of paying someone. Cheque imaging and deposits by a mobile phone with a camera has also made it easier for consumers.  So for businesses they remain a vital, if not rather expensive and tedious, method they must continue to process. 

Same day clearing is mandatory to compete effectively and ensure good customer service. However, dealing with rejections and queries and increasing fraud and security regulations, means both compliance and cost effectiveness gets harder. Capital investment into automated systems and technology is difficult to justify in a declining market that accounts for less than one per cent of the payments made in the UK.

In-house running costs continue to rise and complexities increase. It is vital financial services and other transaction led businesses find a way to address the burden of cheque processing and lockbox if they are to compete efficiently in an increasingly competitive and disruptive market. Happily Parseq’s expertise can provide that way.

Key challenges of cheque processing and lockbox

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Time and cost

In-house costs are rising. Manual processes  are arduous, time consuming and inefficient.

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Mistakes

Manual input and processes risk high levels of error, duplication and missed information.

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Compliance

Stricter regulation punishes errors or slow processing.

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Investment

Hard to justify investment in a declining service.

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Poor visibility

Multiple sources and systems can restrict real time data and visibility.

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Carbon

Burden of paper and increasing pressure to reduce the carbon footprint of cheques.

Our capabilities

cheque processing and lockbox

Better than same day, efficient, compliant cheque processing.

We remove the burden of cheque processing and lockbox and quickly provide added value.

We process 40m cheques each year to the value of £15bn on behalf of major financial institutions, utility and telecom companies, councils, charities, insurance and wholesale companies in the UK and Europe. Some of them have been using our outstanding, highly secure and dependable service for over 40 years.

We provide a comprehensive cheque processing and lockbox service starting with early extraction at Royal Mail, lockbox or multiple POs. We offer image and paper clearing. We provide in-country handling and cross border processing, with UK controlled final data release.

Our highly automated Digital Mailroom with ‘in-built learning’ handles unlimited paper types for sortation and upward distribution. Visual validation prior to digitalisation ensures effective return to sender and flexible business rules can be applied. All items are digitised and uploaded to the online portal for 24/365 access.

Manual validation is used if automated validation fails. We also provide additional added value with lookups to return cheques at source or fill in critical data such as customer reference numbers, to reduce query cycles.

The result is a highly secure, accurate and efficient service that can reduce queries and errors, guarantee compliance and same day processing for enhanced customer service, guided by strict protocols and SLAs. 

Our clients know they can rely on our investment and innovation to handle any changes in volumes or industry needs in the future, whilst delivering real efficiency and added value.

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Same day processing

All cheques processed on day 1. Image and paper clearing.

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Secure

Our systems, protocols and strict SLAs assure strict levels of compliance and regulation are adhered to. View our certifications here.

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Digitised

Digital Mailroom supporting white mail. 24/365 access. Flexible data format options for return files.

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Exceptions handling

Exceptions and duties handled at source. Rejections and queries handled in process.

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In-country

In-country clearing and cross border processing.

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Load balance

Nearshore & offshore load balancing. Business continuity and disaster recovery.

The benefits

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Speed

Same day

Reduction in time to clear funds.

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99.9% Accuracy

Right first time

Less mistakes and exceptions and in-built ‘learning’ for continual improvement.

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Cost saving

Reduction

Significant cost saving and reduction of staff and resources. No capital invesmtent.

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Risk

Reduced

Secure, dependable and compliant. Business continuity and SLAs guaranteed. Easier projection.

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Satisfaction

Customer service

Improved and quicker service for happier customers and staff.

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Volume

Flexible and future proof

Load balancing and future proof, without investment.

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Carbon

Reduced footprint

Reduced carbon footprint and less paper burden.

Case study

Providing seamless lockbox cheque processing to Tesco Bank

Tesco Bank opted to outsource services to optimise efficiency, reduce operational costs and enable internal resources to focus on key elements within the organisation.

Other services you may also be interested in

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Digital Mailroom

Mailroom management and digitisation of all inbound customer communication for onward distribution, upload to online portals or relevant processing duties.

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Cash Allocation

Multiple payment channels allocated to appropriate customer accounts through automated or manual activities.

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Charities and Donations

High volume banking and thanking activities and Gift Aid digitisation.

Talk to one of our cheque processing experts today

Want to find out more? We would be happy to discuss your organisation’s challenges and how Parseq’s solutions could quickly provide you with real value.