Category: (4) eTOM Process Type
Process Identifier: 1.6.12.3.3
Original Process Identifier:
Maturity Level: 3
Process for receiving payment from a wide demographic area, usually performed by an intermediary like a bank.
Wholesale LBX or LockBox is a service provided by banks to companies for the receipt of payment from partners/corporates/customers (not to be mixed with Retail Lockboxes which are high-volume consumer oriented payments). The process reconciles what was deposited in the bank account versus the file sent by the lockbox. A report from the bank and a report from the wholesale business or party are compared to show the currency amount and total transactions. If the two reports cannot be reconciled research is performed to see if it is a lockbox error, CSP error, deposit error, or an invalid check. Because the bank is making the collection, the funds that have been received are immediately deposited into the company's account without first being processed by the company's accounting system, thereby speeding up cash collection.
This was created from the Frameworx 16.0 Model