Bank Account Consolidation
Most corporations use a network of banks each of which can hold multiple accounts in various locations internationally. For many companies, there exists a series of local bank accounts for domestic/de-centralized payment processing with the premise of holding a marginal balance; often leaving excess funds in these accounts that could have been invested more wisely. Underneath this network typically exists a set of disparate treasury systems.
Within large organization’s it is difficult to have full visibility of all bank accounts and consequently this situation results in poor visibility to global cash. Today, treasury organizations are looking to quickly evolve and are creating new strategies to solve these issues in order to improve their use of cash.
Using AvantGard Payments helps reduce the manual consolidation of bank account information and connect the layers of disparate systems for improved management of cash and risk. Using a single solution to manage bulk & urgent payments as well as treasury messaging offers the opportunity to connect a single platform to a series of back-office systems. By centralizing processing, bank accounts can be managed in one place and with all transactional flow reconciled for improved information and cash positioning.
Features:
- Centralized Account Management
- Embedded Query tool for easy view
- Data Ownership for data segregation
- Audit History
- Change Approval 4/6 eye principal
- Business Intelligence Reporting Tool
Benefits:
- Visibility of Bank Accounts
- Improved Cash Visibility
- Increased Security and Audit Compliance
- Analysis tools for Bank Account Management
EcoSystem Connectivity:
Leverage a centralized approach to payments processing offering a single platform for interfacing with back-office systems, banks, SWIFTNet, and other trading partners. Using the online PayNetExchange portal, companies can execute payments in multiple formats including wires and check printing.