Summary of Innovation in Cash Management

        The corporate accounts and advising department is liable for the management of all of clients account in the company and it is guide and consults the customers regarding their accounts and cash management. There are different types of accounts in the banks like call account, Islamic banking account, current account, Islamic call account and escrow account.  All of the account offer payment services that include the account transfer, local funds transfer, WPS payroll and international funds transfer. The corporation offers its services through channels of communication such as eSWIFT, eH2H, eBANKING etc. Online banking helps the customers to solve their queries online and also provide them with payment facilities. Host to Host is a bank payment services that allow the clients to process high volume payments. SWIFT is also a highly standardized and secured platform for the customers to make international payments.

        The corporate banking have some of the features like management of accounts and inquiries, bulk payments,  reporting, payment of bills, payment and transfer, WPS payroll services  and corporate admin. All of these features of the GIB’S system are to carry out all of the processing in the bank related to accounts of customers and cash management. Some of the key features of eH2H are the seamless integration that optimizes the overall business transaction of the corporation, configuration of the requirements consists of the customized dashboards, cost effective banking, and easy access to the reconciliation and security protocols. In the GIB Corporation the key features of the SWIFT   are the standardized communication system that allows the customers of the bank to communicate through highly secure platforms. The primary channel of the SWIFT is used for the exchange of messages between different banks, it is preferred by the banks to transfer sensitive messages because of its advanced security features.

        For the cash management there are some of the additional features in corporate that help in direct integration that is likely to feed in ERP virtual cash management, it includes the invoice, aggregation of collections, segregation of payment, automated billing.  Some of the audit trails and accounting entries produce through the virtual account structure for the balance management and authorization request.  There are many of the benefits of the virtual cash management for example it allow full visibility and control over the cash position, it optimize the framework of cash control, automated centralization and robust matching and pattern based.

    As far as the eCollect in the corporation is concern the GIB’s collections and receivables management provides some of the solution for the customers. Some of the major solution that helps the customers to have a better help are the following:

Virtual account management that is actually a non physical account use to optimize the overall process of the capital.

Integrated reporting for the analysis and download

Electronic invoice presentment and payments that provide the e invoicing services for customers of corporation

Automated matching and reconciliation

API Banking is likely to enable GIB various technical level for enable the data exchanging.

    The virtual account management for eCollect helps to improve the internal accounting for the reconciliation statement for the enrichment of the information.  It is also a good way of self service account management; optimize the existing numbers, management of real-time liquidity and the segregation funds management. GIB is a flexible service that is likely to facilitate the adoption of e-voicing for the customers of corporate, it includes the eCollect application will validate the buyers data, the data pertaining invoices is likely to available, eCollect is the real time notifications alters for all of the pending invoices.