In banking, the term “early capture” describes situations in which documents are gathered into a standardized format sooner than typically required.
An electronic lockbox is a fully automated service that allows businesses to receive and process payments electronically.
Enterprise Content Management (ECM) in banking refers to the strategies, technologies, and tools used by financial institutions to capture, manage, store, preserve, and deliver content and documents throughout their lifecycle.
Entity documents are used by banks for several purposes, such as verifying that a business or organization exists; ensuring that necessary documents have been properly filed by the entity; determining which individuals have the authority to establish an account or apply for a commercial loan on behalf of the entity.
eSign in banking involves the use of technology to collect and embed a customer’s digital signature into documents, such as forms that are needed to establish a deposit account or consummate a loan.
An exception in banking refers to any item that requires attention because it does not meet certain predefined requirements.
Financial institutions use exception categories to classify their exception data into easily understandable groups.
Exception comments provide additional context for understanding the circumstances and activity that pertain to a bank’s exceptions. Exception comments can be collected in a variety of ways ranging from handwritten notes to spreadsheets and software.
Exception management is the process of monitoring missing documents or other important information.
An exception report lists the documents that are missing from an organization’s files.
Expiring documents are those that are associated with expiration dates and must be regularly collected or updated to avoid exceptions. Once a document expires, it might also be considered a missing document until the exception has been resolved.