Bank of the West Commercial Banking Group Announces Two New Cash Management Services

Bank of the West Commercial Banking Group announced two new cash management services, building upon an already robust suite of global cash management products and services. The two new services, DirectPay Manager and Remote Cash Capture, are comprehensive cash management solutions that help increase efficiency, maximize day-to-day cash flow and mitigate risk for commercial customers. Both were announced at AFP 2017– one of the largest international trade shows for treasury and finance professionals.

“Effective cash management has become a vital component to how businesses operate and interact with their customers and vendors,” said Jean-Marc Torre, Head of Commercial Banking for Bank of the West. “These two new products represent our commitment to our clients to deliver the best, industry-leading solutions for managing their liquidity needs.”

Each new product serves to aid businesses in managing cash flow. DirectPay Manager is an electronic bill presentment and payment solution that allows businesses to offer clients the convenience of paperless billing and automatic payments. Other capabilities include the ability to deliver itemized invoices and automated account reconciliation updates.

Remote Cash Capture combines remote safe technology and transportation services with Bank of the West cash management services to help clients achieve reduced cash shortages, improved security and expedited funds availability. Businesses can collect payments from customers throughout the day and deposit cash into an onsite safe. The remote safe recognizes bills and automatically counts the deposits. Armored transportation arrives at least weekly – or more often if the client chooses to collect the contents of the safe. From there, deposits are delivered to a cash vault for deposit verification and final reporting to the bank. Finally, deposit information is viewable and can be accessed via Bank of the West’s online banking system.

“Bank of the West is committed to providing holistic and secure cash management services, helping our clients manage their ever-growing global liquidity issues,” said Eileen Dignen, Executive Vice President Head of Cash Management Division at Bank of the West. “The ability to rapidly collect payments, effectively control outgoing funds, obtain critical data quickly and safeguard against fraud can help businesses push towards growth. Our team continues to innovate and add to our suite of products and services to ensure that our customers — and their own — have the latest technology to manage all of their treasury management needs.”

The new services promise to drive value for both businesses and their customers. By implementing automated processes, improving cash flow and reducing risks, businesses can deliver an overall better, faster and safer customer experience.

DirectPay Manager and Remote Cash Capture are available now through Bank of the West’s Commercial Banking Group.

For more information, visit Bank of the West’s website or set up a time to speak with a relationship manager.