Cash Management Services

Transcription

1 Cash Management Services

2 Bank on your time with Cash Management Services Information Reporting Effective cash management at your fingertips. Direct Deposit A better way to pay your employees. Disbursements An efficient way to pay your local suppliers and vendors. Collections Reduce outstanding receivables with pre-authorised payments. Wire Payments Wire money securely and conveniently around the world. Bill Payment Services A quick and convenient way to collect payments from your customers. Cheque Reconciliation Facilitate tracking of paid and unpaid cheques. Consolidated Cash Plan Improve cash concentration and sales tracking of multiple locations. Money Management Services An effective way to manage your company s cash position. Outbound Reporting Consolidate your account balance and transaction information.

3 At Scotiabank, we understand that effective cash management is essential to operating a successful business. Our Cash Management Services provide the tools you need to maximise the efficiency of your treasury functions and enhance your bottom line. As your financial partner, we work with you to deliver smarter cash management solutions that work for your business. Our suite of Cash Management Services helps you enhance working capital, improve information flow and simplify administration. To find out how, speak with a Scotiabank Account Manager or Commercial Services Representative today.

4 Information Reporting EFFECTIVE CASH MANAGEMENT AT YOUR FINGERTIPS In business, information is power. Scotiabank s Information Reporting service gives you up-to-date account information instantly, so you have the power to manage your cash more effectively 24 hours a day, 7 days a week. Information Reporting provides you with online access to your business accounts, allowing you to obtain real-time account balances, transaction information and transaction history. Plus, you can electronically transfer funds between your accounts in multiple currencies, pay bills, transfer funds to a third party, and track your commercial loan and term deposit balances all in one place. In addition, password-controlled access helps maintain tighter control and accountability. It all adds up to a more secure and efficient way to manage your business. Scotiabank s Information Reporting service is for organisations that: Require real-time balance and transaction information throughout the day Transfer funds between Scotiabank accounts Maintain multiple accounts Have high transaction volumes Make bill payments to local utility companies Make one-time, third-party transfers Make cross-currency transfers between Scotiabank accounts Make use of funds as they are received Manage your cash position in multiple currencies to minimise financing requirements Take advantage of investment opportunities Keep track of your funds at all times Access current and historical information on your Scotiabank accounts Eliminate branch visits or calls to obtain account information Improve cash flow forecasting Export data into popular spreadsheet or accounting software Maintain financial control with a full audit trail Create users with customised entitlements 1 Cash Management Services

5 Direct Deposit A BETTER WAY TO PAY YOUR EMPLOYEES Consider the hours you spend issuing cheques to your employees and the special trips they make to the bank to deposit them. With Scotiabank s Direct Deposit service, you both save time. Your payroll is electronically deposited into each employee s designated account. The risk of cheques being lost or stolen is eliminated, and the money is instantly available no waiting for funds to clear! Direct Deposit also saves your business money. You avoid the costs of cheque handling, printing and storage, and reduce or eliminate cheque reconciliation expenses and cheque fraud. Plus, you know exactly when your payroll has been processed so you can better manage your cash flow. Scotiabank s Direct Deposit service is for organisations that: Regularly issue employee payments (e.g. payroll or pension) Currently issue cheques or cash payments to employees Use an accounting or payroll system to generate payment files Maximise cash flow Minimise stamp tax costs (where applicable) Maintain an up-to-date cash position of your business accounts Improve cash forecasts with more predictable cash flows Eliminate lost and stolen payments Respond faster to employee enquiries Track payment statuses electronically Import payment files from your accounting or payroll system Reduce cheque preparation, storage, handling and related bank service charges Create easy-to-use templates for recurring use Prepare future-dated payments Maintain financial control with a full audit trail Create users with customised entitlements Cash Management Services 2

6 Disbursements AN EFFICIENT WAY TO PAY YOUR LOCAL SUPPLIERS AND VENDORS Scotiabank s Disbursements service provides a quick and simple way to pay your local suppliers and vendors. This service can dramatically reduce the time and expense of manual payments and improve cash controls by enabling electronic payments to designated accounts. The Disbursements service can also save your business money by eliminating cheque issuing charges, reducing storage/handling fees and financial losses related to fraud. With this service, you control your payments, so you can manage your business cash flows more effectively and improve cash forecasting. Scotiabank s Disbursements service is for organisations that: Regularly make payments to local suppliers and vendors Currently issue cheques to local suppliers and vendors Use an automated accounts payable system to generate payment files Maximise cash flow with direct payments Maximise trade discounts and eliminate late supplier payment and interest charges Maintain an up-to-date cash position of your business accounts Eliminate the risk of lost, fraudulent or damaged cheques Ensure supplier payments are conveniently deposited directly to their account Improve relationships with your suppliers and/or vendors Track payment statuses electronically Reduce cheque preparation, storage, handling and related bank service charges Warehouse future-dated payments up to 365 days in advance Export payment files from your accounting or payment systems Resolve enquiries faster Store payee account information for future use Maintain financial control with a full audit trail Create users with customised entitlements 3 Cash Management Services

7 Collections REDUCE OUTSTANDING RECEIVABLES WITH PRE-AUTHORISED PAYMENTS If your organisation collects regular, recurring receivables such as bill payments, insurance premiums, tuition or subscription fees, Scotiabank s Collections service can reduce your administration and improve your company s cash flow by automatically debiting your customers accounts at any bank account in the country. With our Collections service, you ll not only save your customers the time and expense of writing and mailing cheques, but you ll also reduce the time and costs associated with receiving and processing payments. Scotiabank s Collections service is for organisations that: Regularly collect payments or receivables from customers Want to increase convenience for their customers Manage collections centrally Use an automated accounts receivable system Save interest on carrying charges with more timely collections Improve the likelihood of receiving timely collections Improve cash forecasts with more predictable cash flows Confirm paid and unpaid items and obtain a full audit trail with comprehensive electronic reporting Reduce service interruptions due to missed or late payments Minimise payment errors, delays and NSF cheques Eliminate costly and time-consuming manual processing Save time and money on mailing and collections expenses Improve efficiency and receivables with automatic re-attempts to recover unpaid items Maintain financial control with a full audit trail Create users with customised entitlements Where supporting infrastructure exists. Cash Management Services 4

8 Wire Payments WIRE MONEY SECURELY AND CONVENIENTLY AROUND THE WORLD Sending secure wire payments across the globe has never been easier. With Scotiabank s Wire Payments service, you can initiate wire payments quickly and conveniently online from your computer. Whether your business sends a few or a few hundred wire payments a month, this service ensures that Scotiabank receives your online payment instructions safely and securely. In addition, Scotiabank s extensive branch presence and network of banking partners around the world means that your payments are received and actioned promptly. With the Wire Payments service, you can be confident that your time-sensitive international payments will be issued accurately, promptly and securely to anywhere in the world. Scotiabank s Wire Payments service is for organisations that: Make frequent international payments Make high-value or time-sensitive international payments Require a concentration of funds from international operations Retain funds in your account until obligations are due Take advantage of a supplier s early payment discount Negotiate improved payment terms due to electronic funds clearing Receive real-time confirmation that Scotiabank has received your payment instructions Track Wire Payment processing status using Scotiabank s Information Reporting service Save time no need to visit your branch to issue a payment Maintain financial control with a full audit trail Create users with customised entitlements 5 Cash Management Services

9 Bill Payment Services A QUICK AND CONVENIENT WAY TO COLLECT PAYMENTS FROM YOUR CUSTOMERS Scotiabank s Bill Payment Services provide you with timely settlement and accurate reporting of your customers bill payments. We take care of processing funds into your Scotiabank account and give you the peace of mind that comes from knowing that your customers payments are processed from cleared funds. Scotiabank offers our customers many convenient and accessible ways to pay their bills. Whether it s through the branch, ATM, telephone or the Internet, bill payments are processed quicker and are available in your account faster than if they are received by cheque. All you need to do is open a Scotiabank account and tell us how you keep track of your customers payments, we will take care of the rest. Once we receive payments from your customers, we automatically credit your account and provide a detailed report of all the payments that we accepted on your behalf. Scotiabank s Bill Payment Services are for organisations that: Have a large volume of consumer receivables Want to minimise the cost of collecting from their customers Want to reduce the number of payments accepted at their own locations Want to give their customers convenient options for paying their bills on time Collect payments from your customers faster Reduce processing float on incoming payments Reduce NSF items, as collected payments are sourced from cleared funds Receive detailed reports daily to ensure that your records are constantly updated Receive electronic files to update your customer account records Enable prompt action by your collections team to respond to non-payment issues Free up staff for more productive activities Reduce manual posting to your accounting system by importing files on paid items Maintain financial control with a full audit trail Create users with customised entitlements Reduce the cost of internal processing of regular receivables and follow up on NSF items Availability of services vary by market. Cash Management Services 6

10 Cheque Reconciliation FACILITATE TRACKING OF PAID AND UNPAID CHEQUES Streamline your reconciliation process, reduce the risk of reconciliation errors and free your staff for other tasks with Scotiabank s automated suite of Cheque Reconciliation services. Providing fast and accurate information, these services allow you to match cheques cleared through your Scotiabank business account against your issued cheque list. We will automatically compare your electronic file of issued cheque data to Scotiabank s paid cheque files. We provide you with detailed reports on cheques paid, cheques outstanding, and cheques with exceptions (such as unmatched amounts), so you can easily detect discrepancies in payment information. Scotiabank s Cheque Reconciliation service is for organisations that: Issue large numbers of cheques each month Currently reconcile cheques manually Access accurate and timely information to determine your company s net cash position Make better-informed financing and investment decisions Retrieve information regarding issued and paid cheques promptly and efficiently Download electronic reports to your computer Eliminate the need to re-key data into your in-house reconciliation system, saving time and ensuring accuracy by avoiding the risk of entry errors Facilitate tracking of paid and unpaid cheques Maintain financial control with a full audit trail Create users with customised entitlements 7 Cash Management Services

11 Consolidated Cash Plan IMPROVE CASH CONCENTRATION AND SALES TRACKING OF MULTIPLE LOCATIONS Scotiabank s Consolidated Cash Plan (CCP) service provides a simple way to increase your company s working capital by maximising cash resources. With the CCP service, your company s agents, subsidiaries or customers can make deposits at any Scotiabank branch in the country, and the funds will be immediately credited to your company s central Scotiabank account. The CCP service allows you to easily track your company s deposits, speeding up the reconciliation of your collections. Your depositing agents will each be issued a unique CCP agent number. Each agent s deposit will be clearly identified in a report that you can review online. You get immediate access to all your deposits and comprehensive reporting to help you run your business effectively. Scotiabank s CCP service is for organisations that: Consolidate deposits regularly from a network of stores, branches, salespeople, agents or subsidiaries (e.g. chain retailers, food chains, government offices, property management) Have customers who regularly settle large items Consolidate all corporate funds to eliminate idle deposits Consolidate cash income from multiple locations quickly to improve liquidity and cash flow Improve sales tracking of remote locations Access itemised reports on agent deposits you receive, so you can project and control your cash flow Deposits made at Scotiabank branches are posted online and instantly credited to your central account Complete audit trail of all deposits Cash Management Services 8

12 Money Management Services AN EFFECTIVE WAY TO MANAGE YOUR COMPANY S CASH POSITION Manage your company s finances effectively and securely wherever your business is located. With Scotiabank s Money Management Services (MMS), you can position your accounts to automatically transfer funds between accounts based on four options: 1. Full Balance Option. Transfer full balances from one account to another. 2. Target Balance Option. Transfer the amount in excess of a specified target balance from one account to another. 3. Cover Overdraft Option. Cover any overdraft balances in one account from another account before any Bank overdraft interest is applied. 4. Pre-defined Amount Option. Transfer a set amount and credit it to a pre-determined account. Scotiabank s Money Management Service is easy to set up and use. Just tell us your company s cash positioning goals and we ll take care of the rest. Transfers can be made daily, weekly, monthly or on a specific date. We will move funds to maintain specified account balances between current accounts or to an investment account. Scotiabank s Money Management Services are for organisations that: Maintain pre-defined account balances Cover overdraft balances using intra-company accounts Want to minimise interest charges and other bank fees on overdraft balances Minimise borrowing by maximising idle deposit balances Minimise overdraft charges Maximise cash available for investments Always be informed about your company s cash position Keep track of your funds at all times Eliminate need to pre-fund specific accounts Easily fund cheque, disbursement, payroll or other special accounts 9 Cash Management Services

13 Outbound Reporting CONSOLIDATE YOUR ACCOUNT BALANCE AND TRANSACTION INFORMATION Scotiabank s Outbound Reporting service allows you to consolidate your Scotiabank account information with your other banking information from around the globe. We can transmit balance and transaction details for all your Scotiabank accounts to any SWIFT-enabled financial institution in the world on your behalf. Scotiabank s Outbound Reporting service is easy to set up. If your other Financial Institution can receive SWIFT standard account statement messages, all you need to do is indicate which of your Scotiabank account(s) you would like us to report to them. This information is updated and transmitted to your Financial Institution daily. Scotiabank s Outbound Reporting service is for organisations that: Access consolidated global account information through a single financial institution Want to leverage their existing banking relationships Better manage your company s global cash position Improve global financing and investment decisions Confirm daily balances and transactions more easily Eliminate the need to access multiple banks to check your account balances and transactions Streamline your accounting reconciliation processes and reconcile your accounts sooner Cash Management Services 10

14 Get the business banking advantage today. For more information on how our Cash Management Services can enhance your working capital, improve your information flow and simplify administration for your business, speak with a Scotiabank Account Manager or Commercial Services Representative today. Enhance Working Capital Improve Information Flow Simplify Administration

15 LOCAL STRENGTH Since 1832, Scotiabank has been helping businesses achieve their financial goals at home and abroad. Our branches, subsidiaries and affiliates have the know-how to provide customised cash management services that are tailored to both your business and your local market. For more information, visit

16 * Trademark of The Bank of Nova Scotia, used under licence (where applicable) (8/10)