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Fund supermarket Hargreaves Lansdown said the Royal Mail float helped it attract a record number of new investors as Britons scrambled to take part in the UK's biggest state sell-off for decades.
SourceHOV will retrieve business-to-business payments at post office locations across the country and will image them for processing at Fifth Third Bank's Cincinnati processing hub, reducing mail float delays.
Lockbox processing reduces mail float because the provider sends couriers to collect the remittances from the post office box on a more frequent and timely basis than the government itself.
Those issues include the extent to which a respondent's [TABULAR DATA FOR TABLE 1 OMITTED] [TABULAR DATA FOR TABLE 2 OMITTED] organization has already invested in electronic payment technology and the degree to which mail float times provide additional cash-management opportunities.
Non-Value-Added Activities Eliminated -- Mail opening, data entry, filing of invoices, voucher payment preparation, follow-up of uninvoiced receipts (lost invoices), mail float, cycle time, microfilming, cost of matching invoice to receipt, and the cost of mailing are eliminated.
Unless customers change their payment processing strategies to account for the increase in mail float, which is unlikely to happen, payments will be received later than ever, including discount payments.
Investec economist Philip Shaw said that, although forecasts for the overall economy were revised downwards, large profits made by investors in the Royal Mail float could have a positive impact, potentially adding 0.
In a statement, the government said that the Royal Mail float would take place in the coming weeks .
Mail float is the period from mail drop to pickup at the lockbox, and total float includes mail time, processing time and check clearing.
Mail float refers to the length of time it takes a piece of mail to leave the customer's hand, reach a post office, and arrive at the processing center.
This procedure will help reduce mail float delays associated with mailing payments to the processing center and help improve funds availability for business-to-business customers.
In doing this, the company anticipates a one- to two-day reduction in mail float and holdovers, those deposits that miss the Bank's same-day processing cutoff deadline.