On Thursday (Oct. 19), Bank of the West revealed news that it is adding new cash management solutions for its commercial banking customers.
Bank of the West’s Commercial Banking Group announced the rollout of DirectPay Manager and Remote Cash Capture, two solutions aimed at facilitating cash flow management for corporate clients.
DirectPay Manager offers an electronic bill presentment and payment tool, enabling companies to digitally invoice their own customers and collect electronic payment.
Remote Cash Capture uses the bank’s existing remote safe technology and transportation services so companies can collect cash from customers and deposit their money into an onsite safe. The safe automatically calculates the cash inside, while the bank provides armored transportation of the funds to the bank.
“Effective cash management has become a vital component of how businesses operate and interact with their customers and vendors,” said Bank of the West Head of Commercial Banking Jean-Marc Torre in a statement. “These two new products represent our commitment to our clients to deliver the best, industry-leading solutions for managing their liquidity needs.”
“Bank of the West is committed to providing holistic and secure cash management services, helping our clients manage their ever-growing global liquidity issues,” added the bank’s Head of Cash Management Division Eileen Dignen in another statement. “The ability to rapidly collect payments, effectively control outgoing funds, obtain critical data quickly and safeguard against fraud can help businesses push toward growth.”