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Finance Forum: Treasury Management

Treasury Management - A Modern Day Adventure?

Treasury management, what is it? The term ‘treasury management’ may bring images to mind of a pirate captain burying their chest. While treasury management may not be as exciting as a swashbuckling adventure, it may be just as profitable.

Modern treasury management solutions are essential for businesses of all sizes to manage their finances efficiently. These products are offered by financial institutions to help businesses streamline their cash management processes and improve their financial operations. Union State Bank has a wide variety of treasury management products and services that can be combined and designed to create a unique offering for a business, regardless of size. In this article, we will explore four treasury management products - remote deposit capture, positive pay, digital lockbox, and ACH origination services - and their benefits for businesses.

Remote Deposit Capture

Remote Deposit Capture (RDC) is a technology that allows businesses to deposit checks electronically using a scanner and internet connection. With RDC, businesses can deposit checks from their office or any other location, without the need to visit a bank branch.

"Remote Deposit Capture is a great tool for businesses that have a high volume of check deposits," says Amber Groene, Union State Bank’s Director of Treasury Management. "By using RDC, businesses can save time and reduce the risk of check fraud."

The benefits of RDC include faster access to funds, improved cash flow management, and increased convenience for businesses. By eliminating the need for physical check deposits, RDC can help businesses save time and improve their overall efficiency.

Positive Pay

Positive Pay is a fraud prevention tool that helps businesses detect and prevent check fraud. With Positive Pay, businesses send their check register to the bank, and the bank compares the information on the checks presented for payment with the information on the register.

"Positive Pay is a critical tool for businesses to prevent check fraud," explained Groene. "By using Positive Pay, businesses can detect and prevent fraudulent checks from being cashed."

The benefits of Positive Pay include increased security, reduced risk of check fraud, and improved cash flow management. By preventing fraudulent checks from being cashed, businesses can save money and improve their overall financial health.

Digital Lockbox

Digital Lockbox is a tool that helps businesses streamline their accounts receivable process by electronically processing payments. With Digital Lockbox, businesses can receive payments faster and with greater accuracy, as payments are automatically matched to open invoices.

"Digital Lockbox can help businesses reduce the time and cost associated with manual processing of payments," Groene said. "By automating the accounts receivable process, businesses can improve their cash flow and focus on other important aspects of their operations."

The benefits of Digital Lockbox include faster processing of payments, increased accuracy, and improved cash flow management. By automating the accounts receivable process, businesses can reduce the risk of errors and improve their overall efficiency.

ACH Origination Services

ACH is a common term and stands for Automated Clearing House, the electronic payment processing network for financial transactions within the United States. ACH Origination allows businesses the opportunity to effectively manage their payables and receivables.

" ACH is a great way for businesses to streamline their internal processes and improve business cashflow.  ,"stated Groene.

The benefits of ACH Origination – reduces cost and time with issuing checks (efficiency), faster access to funds, increased security, more control over daily cash flow and improved customer and vendor satisfaction.

Overall, treasury management products such as remote deposit capture, positive pay, digital lockbox, and electronic payment processing can help businesses improve their financial operations, reduce the risk of fraud, and increase their efficiency. According to Groene, "Treasury management products are essential for businesses to manage their finances efficiently and effectively."

Even if it doesn’t include cannons or a cool flag.

Union State Bank provides additional information regarding treasury management products and services on their website, www.MyUnionState.Bank. The team at your closest Union State Bank branch is able to assist or call toll free at 866-557-0060.

About Union State Bank: Founded in 1908, Union State Bank has banking locations serving communities of Arkansas City, Newton, Udall, Winfield, and Wichita in Kansas and in Bartlesville and Edmond, Oklahoma. Union State Bank offers a full range of electronic, deposit and cash management services, as well as business and agriculture, commercial real estate, construction, mortgage, residential and consumer loans. Member FDIC. Equal Housing Lender, NMLS# 412388.