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Lockbox Collection Services


Minimize collection float and streamline payment posting

Wholesale Lockbox
We minimize collection float by adhering to an aggressive mail pickup schedule, use of a unique zip code, and fine-sorting receipts with our state-of-the-art mail sorter. Around-the-clock processing, multiple daily and weekend deposits and an extensive direct-send network provides our clients with highly competitive availability.

Streamline posting of payments processing through your Northern Trust Lockbox with our robust data capture and imaging services. We can capture any remittance information you require and transmit the data to you electronically for automatic posting to your accounts receivable resolve system. Your staff can also use images we capture to quickly post payment and client inquiries.

Our automated receivables management system, incorporates all elements of the accounts receivable cycle including:

  • database management
  • invoice generation and delivery
  • payment processing
  • remittance data capture
  • reconcilement of invoice detail
  • data transmission for same-day electronic cash application

By reconciling front-end billing data to back-end payments and remittance detail, SmartBox drives exceptions down and hit ratios up. Automated cash application, same day closure of payments, and electronic commerce integration create added savings.

Wholetail Lockbox
Our wholetail product accommodates all payment types in an integrated process. By complimenting our existing Wholesale Lockbox System with high speed Optical Character Recognition-based and bar code technology, processing efficiencies are gained without compromising control. Batches are created according to payment type and a single, complete transmission and remittance package is sent to the client for cash application.

From batch logon to mail-out, Northern can account for every item received in the lockbox at every step, regardless of remittance type.

Image-Based Lockbox for Property Management Companies
Northern Trust’s Image-Based Lockbox features scanable coupons that allow payments for multiple properties to be consolidated to just one lockbox, reducing the number of lockboxes your firm needs to one.

Image-Based Lockbox for Medical Practice Groups
Let Northern Trust’s Image-Based Lockbox service reduce your remittance processing time with electronic imaging and file transmission capabilities that integrate all elements of the billing, receivables and collection cycle.

Image-Based Lockbox for Not-For-Profit Organizations
Northern Trust offers a customized lockbox solution for not-for-profit organizations with features such as automatic debits from member and donor accounts with the option to charge payments to earn miles or points.

Lockbox Merge
Companies receiving both check and electronic payments can streamline their automated posting process through Northern Trust's lockbox data merge service.

Northern will process each payment type you receive and translate the remittance information into a common format for transmission to you. You will receive a single, merged file for automated posting, eliminating the need for separate data files or manual posting of electronic payments. File output can be in standard lockbox, EDI, or proprietary formats.

Scott Henderson

Scott Henderson

Senior Vice President
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Scott Henderson

Scott Henderson

Senior Vice President

Scott is a Senior Vice President at Northern Trust Company and is responsible for managing Northern’s Treasury Services Consulting division.  The Treasury Consulting Division provides Northern Trust clients with assistance in evaluating their existing cash management structure, support in analyzing and implementing treasury management solutions designed to optimize cash flow and streamline payment and financial operations, as well as advice regarding payment industry trends and best practices.

Scott joined Northern Trust in 2003 and has twenty-five years of banking industry experience, including more than ten years in the treasury management services field.  Prior to joining Northern Trust he worked for National City Bank and predecessor organizations of J.P. Morgan Chase in several different capacities, including treasury management sales, procurement card product sales, corporate banking relationship management, asset-based lending, and asset-backed securities underwriting.

Scott has a Bachelor of Arts degree from Coe College in Cedar Rapids, Iowa and an MBA degree from DePaul University in Chicago.  He is a member of the Association for Financial Professionals (AFP), and was a member of AFP’s working committee that created the first standard RFP for purchasing cards in 1998.  He earned the Certified Cash Manager (CCM) designation in 2000, and currently holds AFP’s Certified Treasury Professional (CTP) designation.

Awards and Accolades
Recognized for strength, stability and outstanding service

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Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A. Incorporated with limited liability in the U.S. Products and services provided by subsidiaries of Northern Trust Corporation may vary in different markets and are offered in accordance with local regulation. For more information, read our legal and regulatory information about individual market offices.

This material is directed to professional clients only and is not intended for retail clients. For Asia-Pacific markets, it is directed to institutional investors, expert investors and professional investors only and should not be relied upon by retail investors.