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Concentration Services

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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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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).
Creating value in cash & treasury management by Latin Trade
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.
TD Banknorth Renews Payment Agreement with Online Resources by Business Wire
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.
Taiwanese Application Service Provider Implements Verso's Clarent ... by Business Wire
 
 
 
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