We currently maintain remittance addresses at the main post offices in Louisville and Lexington, Kentucky.
We process our standard/wholesale lockbox clients from 6:00 AM until 2:00 PM; we process those clients on the Retail Lockbox Platform from 12:30 AM until 8:30 AM.
Mail handling equipments include an Opex 206 envelope opener and an Opex 51 mail extractor which is capable of processing up to 4,500 items per hour.
Republic Bank's processing equipment includes two NCR 7780 Reader/Sorters, utilizing Data Management Products' CheckREMIT system.
Once documents are captured in the system, operators can perform corrections and balance transactions from images, rather than handling paper documents.
CheckREMIT makes it easy by presenting to operators the images of items or transactions that require keying, correction, or balancing.
To further speed up processing, CheckREMIT accurately encodes documents on the first pass. After data has been transmitted to the host processor for posting, all item images and data are moved into the historical research database for subsequent research and retrieval.
Errors are virtually eliminated for those on our Retail Lockbox Platform due to the automated reading of the OCR scan line.