Remittance Processing: Future Of Cash Management

Used with permission from Transaction Directory. For more information, visit www.transactiondirectory.com.

As banks move to paperless transactions to comply with Check 21 and other mandates, many options for the delivery of cash management data are available to Treasury Management divisions and their commercial clients. Banks can now offer fast delivery of cash management data with more options. The latest CSC CheckVision e-Delivery applications allow banks to deliver check images, statements, reports, and wholesale and retail lockbox transaction data across the Internet, on encrypted CD-ROMs or DVDs, as well as on traditional paper reports and statements. Customers get more choices, and banks gain greater control over escalating transaction unit costs across all market channels while offering new commercial account products with fee-income potential.

Treasurers and cash managers are using hosted archive solutions, such as those from eGistics, to take working capital management to the next level. The technology is helping their departments become the fast, flexible business drivers that the increasingly competitive global economy is demanding.

With so many concerns related to privacy, identity theft and fraud, banks should take steps to ensure the safety of data when it's distributed. Electronic delivery of data represents a high security risk, particularly if the media become lost, stolen or delivered to the wrong destination. To be a trusted financial services provider, banks must invest in reliable, scalable, flexible encryption for the secure delivery of cash management data. The latest CSC e-Delivery applications used by bank treasury departments employ a symmetric key algorithm using the U.S. Department of Defense Advanced Encryption Standard (AES) with up to 256-bit keys.