Receipt creation and application using lockbox in Oracle fusion application

Business Requirement

There is always the need for a business to import customer payment receipts from a bank to the Oracle system. Almost all commercial banks provide lockbox functionality, which can be integrated with the customer ERP system.

Here the idea is to process the receipts in Oracle that are sent to the Bank directly.

Solution

Oracle, the complete ERP, can read the bank lockbox file and process it, create receipts, and apply them against open invoices.

This Oracle functionality is beneficial in case of a large volume of data, as it does away with manual data entry of customer receipts.