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Thursday July 01, 06:46
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Banks Add Reporting Function To Treasury Service
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The Bank of New York has added electronic invoicing, collection and disbursement functions to its treasury management services to enable its corporate clients to more easily capture payment data and authorizatons from their customers. Its new online statement delivery service is notable for enabling the bank to handle accounts payable and receivable processes on behalf of its corporate clients. Enterprises availing of the service can deliver electronic invoices to their customers via the Internet or e-mail, with actual payments made via the Internet, telephone, checking account, debit/credit cards or via an authorized ACH debit.
Corporations using electronic statements improve their treasury management by gaining immediate access to data pertinent to their accounts receivables and payables processes, which in turn accelerates the receipt of payments. BONY introduced a single solution for the payment initiation to reconciliation cycle to meet client demands for new commercial payment solutions and disbursement services. In a similar venture, National City Corp is providing an Internet-based reporting suite for corporate clients to view consolidated account balances, statements, activity, prior day transactions and ACH details online.
National City’s new Global Information Reporting service offers corporate clients streamlined transaction management and improved liquidity control while also supporting check management services, balance and transaction reporting, ACH and treasury payments. National City’s 5,000-plus commercial clients accordingly stand to view information that has been consolidated across multiple banks and back-office environments, while reducing operational costs and improving efficiency. Reporting similarly improves bank-client communications by streamlining contact and reduces exposures by speeding up the treasury cycle.
(Business Wire)
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