Banks $1B to $10B
All the above plus:
Positive Pay / ACH Filter / ACH Block: Given the greater focus on fraud, this product is now more important to add to your platform. These payment filters and blocks allow businesses to monitor and manage all outgoing check and ACH activity either on an individual items basis or through a bulk file upload.
Issueless Positive Pay: Instead of uploading an issued-items file, issueless positive pay allows clients to print a barcode on each check that contains all of the information specific to that check. The workflow allows for any item without a barcode or encrypted authorization to be manually approved.
Reverse Positive Pay: Similar to the above, but every check that clears the account is presented to the client for a payment decision. This is targeted at low volume clients or to clients that utilize dual signature authorization.
LockBox: We love how this product can help build balances and generate fees. We detailed the profitability and attributes in the past, and lockbox continues to be a secret weapon when competing against smaller banks for valuable cash management. For 2018, lockboxes need to be both physical and virtual and be able to handle a wide variety of payments including Zelle, Venmo, and Paypal. If your bank targets HOAs, apartment managers, medical offices, utilities, municipalities, or any business that receives high volume payments in different forms, lockbox is required.
Payroll Services: This remains one of our favorite attributes to provide commercial customers with a comprehensive solution.
Armored Services & Vault Cash: For banks that target cash-intensive businesses such as amusement parks, concert venues, grocery stores and other, being able to provide currency, currency storage, and transportation is mandatory.
Merchant Services: If you are in treasury management, your bank must have the ability to target merchants. Allowing your customers to accept credit/debit cards and electronic payments put your bank in an ideal position to add value. Combine payments with a point-of-sale terminal application, and you are set to not only capture a business’s cash flow but are in an ideal position to extend credit at a reduced risk. In 2018, look for more banks to not only leverage the cash flow to mitigate credit risk but to take advantage of data to help both credit and the customer better manage their cash position.
Zero Balance Accounts (ZBA): Stand-alone accounts that manage payables and receivables by automatically sweeping money to and from operating accounts to allow the business to more efficiently meet daily cash flow needs.
Purchasing Cards (physical and virtual) /procurement systems: For businesses such as trucking companies and others that need to send staff out to purchase goods and services on a regular basis, banks can provide payment methods that come with an element of control. For example, allowing credit card users or procurement systems to only purchase a certain category of good in a pre-set amount is a very typical use case. In 2018, look for more detailed controls and authorizations as well as the ability for managers to approve payments both online and via mobile.
NSF Check Recovery Service: Allows the conversion of return checks to be automatically converted into an ACH item for cheaper and faster processing. This service removes your client from the collections business.
