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Technology: Troy Group Creates an Electronic Lock Box Service.(Brief Article)

Mortgage Servicing News

| March 01, 2001 | COPYRIGHT 2001 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Troy Group has announced that its subsidiary, Troy Financial Services, has added electronic lock box processing to its suite of electronic payment services.

Troy entered the market with an online bill payment product offering late last year. The goal of adding the electronic lock box program is to help businesses migrate from a paper-based to an electronic transaction environment by converting paper check payments to automated clearing house debits.

This helps billers reduce the clearing time of the payment, take more control of returned items, and potentially reduce expenses by eliminating mailed bills and processed checks. Troy launched the service by processing monthly payments for several ...

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