Concentration services

Concentration services

Movement of cash from different lockbox locations into a single concentration account from which disbursements and investments are made.

Concentration Service

A service that a bank provides in which it processes payments for a company. The company directs its customers to send payments to a lockbox at the bank, which then collects the payments and deposits them directly into the company's account. A concentration service reduces time between the receipt and processing of payments, which can be beneficial for the company using the concentration service. On the other hand, it comes with the possibility of fraud by bank employees, who could steal the payments by taking the funds and not depositing them.
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BMO's new global treasury management services include key disbursement and concentration services such as:
The company's clients in Latin America and the Caribbean use CitiDirect[R] Online Banking to initiate local and cross-border payments and trade transactions, as well as access netting, collections, liquidity management, investments, multibank cash concentration services, insurance letters of credit, information reporting and continuous linked settlement (CLS).
eLockbox concentration services combine hundreds of electronic sources into a single posting file and a single deposit while eliminating posting errors and exceptions.
5 million households in eight Northeastern states, has extended a multi-year contract for a full suite of online payment and concentration services for its retail banking and consumer lending operations.
NACHA PAYMENTS 2005, SAN ANTONIO, April 12 /PRNewswire/ -- While cash concentration is fundamental to the effective management of working capital, new TowerGroup research finds a combination of factors driving a major decline in cash concentration services -- with significant implications for US financial institutions.
Maya Online made their initial commitment to Verso's Clarent technology because it enabled them to support both prepaid and wholesale concentration services with a single, easy-to-implement platform.
These include corporations using deposit concentration services, businesses receiving high-value checks, companies receiving checks at nonpayment locations, and businesses using Internet banks.
By nearly doubling the capacity of its existing Clarent-based VoIP infrastructure, Macro will be able to offer IP clearinghouse and traffic concentration services to customers who want to reach the lucrative Mexico and Latin American long distance markets.
To provide a full suite of returned check management options, National City RCMS combines Return Check Concentration services - where all returned checks are centralized at National City regardless of where they were originally deposited - and check conversion to an ACH debit, as well as image and web-enabled access and delivery to all items.
Corporate clients and financial institutions use CitiDirect(R) Online Banking to initiate payment and trade transactions, as well as access netting, collections, liquidity management and multibank cash concentration services.
ReadyNet WORKS Plus includes the above but also adds direct deposit capabilities, wire transfers, cash concentration services, ACH and electronic data interchange (EDI).
ASX-1000 ATM backbone switches currently in use by Cable & Wireless USA will be redeployed at each location to perform router concentration services that will further enhance the network's overall performance and reliability.

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