Concentration Service

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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While banks like Deutsche Bank can offer innovative, same-day value solutions, such as the Bank's Global Cash Concentration service, the ability to implement such a solution to encompass Asia depends on a corporate's internal holding structures.
Also launched is a new internet-based, fully automated cash concentration service, Global Liquidity Engine (GLE).
It is expected that the Contractor will be capable of providing the College the basic banking services requested including bank accounts, depository services, check clearing services, coin and currency services, night depository services, investment services, stop payment services, account analyses, monthly statements, concentration services, wire transfer services, and online inquiry for local bank accounts.

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