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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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.
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.
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.
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.

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