FRAUD
Stale Dating, Dollar Thresholds, and Teller Line are all options/features of this service
What is Positive Pay?
Payment system that allows clients to originate or receive credits 24 hours a day, 7 days a week, 365 days a year up to $1,000,000 per individual transaction.
This product allows companies to offer their customers/payers an electronic option to view & pay bills quickly and efficiently utilizing various ways to pay including ACH, Credit and/or Debit payment channels
What is Electronic Bill Presentment and Payment (EBPP)?
Also acceptable: Citizens Bill Pay
A standalone, web based platform that allows users to initiate, approve and report on all foreign exchange and foreign currency account transactions from a single source. It also allows clients to obtain real-time exchange rates and execute Spot, Forward, and Window (time option) contracts
What is CBForEx?
These are the two Commercial Cards offered in Business Banking.
What are Everyday Points and the ONE Card?
This service offers a unique account identifier that looks and acts just like an account number, with a universal routing number for received ACH Credit payment transactions.
What is a Universal Payment Identification Code?
Customer uses the UPIC exactly as they would use a Citizens Account Number. However, with a UPIC the customer’s sensitive account information is protected. The UPIC masks the customer’s Citizens Account Number and the routing/transit number. UPICs are for incoming ACH transactions only.
Daily Double
This product has a master/sub account set up allowing customers to create and manage a number of specific accounts that they oversee.
What is accessESCROW?
A reporting mechanism that provides companies with the ability to track multi-location deposits within one account. Citizens offers a simple way to use a single account while clearly identifying the origin of each deposit, so funds are both collected and tracked- centrally and seamlessly
What is Deposit Reconciliation?
A service utilized for clients with annual FX
volume > $250,000
What is FX Trade Desk/Global Markets?
A digital online banking platform and payment suite. It provides access to real-time information, seamless payment functionality and practical tools to help customers meet daily cash flow requirements and make well-informed business decisions.
What is Cash Flow Essentials?
Bonus: Name the 3 payables tools and 1 receivables tool CFE has to offer?
The standard security control of administrative entitlements for releases of Wire and ACH transactions
What is Dual Approval?
With this service, you must provide Citizens with a list of checks issued either via direct transmission or accessOPTIMA by importing an issue file or entering each issued check individually. We then use your check issue data to reconcile paid checks during your statement period. It also enhances the accuracy of your record keeping since our report lists checks paid in order of serial number, along with the paid date and dollar amount of each.
What is Full Account Reconciliation?
This solution accelerates your cash flow by pairing efficient collection of accounts receivables with timely payment data reporting. Our clients’ customers can send payments and invoices to an assigned P.O. Box in any of five key cities in our network including Boston, Chicago, Dallas, Los Angeles and Pittsburgh, which are then picked up and processed quickly and accurately according to certain specifications
What is a Lockbox?
Boston, Chicago, Dallas, Los Angeles, Pittsburgh
This product is available in 20 currencies, does not have an ECR, and is denominated in a specific foreign currency which allows a client to send and receive funds electronically. All transactions performed through this product are via SWIFT wire; no ACH-type payments are allowed
What is a Foreign Currency Account (FCA)?
A trusted technology partner of Citizens. The secure platform enables tools for invoicing & online payment acceptance.
What is Autobooks?
Accounting & Invoicing
Upon receipt of a notification, the user has the opportunity to review the ACH debit transaction and decide if it should be paid or returned. If it’s approved, they are able to create a new EPA to authorize future occurrences of these types of transactions
What is ACHieve Access?
An ACH file is generated at the end of the day to debit the local depository bank and credit the Citizens Bank concentration account.
What is Cash Concentration?
With this product, funds will be concentrated into a central operating account to allow clients with multiple locations, divisions, or accounting functions to consolidate balances while maintaining a clear audit trail. It also reduces costs due to inaccurate funding, saves time monitoring accounts, and improves cash flow
What is a Zero Balance Account (ZBA)?
These types of companies will typically show up in EASI under “Cambridge Mercantile, AMEX FXIP, Transfer Wise, Tempus, XE”
What are 3rd Party FX Providers?
These flexible solutions help manage funds efficiently and optimize cash position. These services automatically invest excess cash, pay down loans or reduce interest expense.
What are Sweep Solutions?
Sweep to Investment
Sweep to Line
Sweep to Line to Investment
Sweep to Investment - When DDA (Demand Deposit Account) balances are above a pre-determined target amount; excess balances are invested in one of several
Investment vehicles
Sweep to Line - When DDA balances fall below a pre-determined target balance, funds will be advanced under the loan commitment to bring the DDA balance to the target level. When DDA balances are above a pre-determined target balance, outstanding loan amounts are paid down with the excess funds.
With this solution, you will receive daily data from us on prior day’s checks presented for payment. You identify the items you do not want Citizens to pay and communicate these requests to the bank. The service helps you save time and money by automating the labor-intensive reconciliation process and simplifies accounting tasks.
What is Reverse Positive Pay?
Clients can elect to utilize this service for an additional fee of $27 in order to prevent the intermediary bank from deducting their fee from a wire
What is Beneficiary Deduct?
This service is provided by a third party. Clients who utilize it may receive Advance Credit for their cash deposits.
What is Smart Safe?
Citizens Business Banking does the majority of its FX trades within this continent.
What is Europe?
(Euros 75%), second is pounds (UK and Ireland) so this will be okay too.
Why?
Many countries that are on the Euro (ie, Spain, Germany, France, Italy) are some of our biggest trade partners, and is the second most recognizable currency in the world.
behind the USD
With this solution, the customer will send Citizens an electronic file containing the necessary information to create, print, and mail a check on their behalf.
What is CheckMint?