From the September 2011 issue of Treasury & Risk magazine

Early Start on Day’s Data

KeyBank now offers customers a single, earlier presentment of the transactions in their controlled disbursement accounts.

In today’s world of lean treasury staffs and tight liquidity management, getting information even an hour earlier is nothing to sneeze at. So Kimberly Kruczek, treasury manager of $12 billion Parker Hannifin, isn’t sneezing. Since Aug. 22, she has been getting a single, final disbursement presentment by 9 a.m. ET from KeyBank, where the company has its controlled disbursement accounts (CDAs). “It is important,” Kruczek says. “We can’t complete our cash position without the final controlled disbursement account totals. Getting that done earlier allows us to invest or borrow sooner and frees up my morning for project work.”

While banking technology has changed, the schedules at most banks have stayed the same for many years. Jim Graves, Key’s senior vice president and core services team leader, says the bank essentially converted to receiving image files of checks drawn on Key accounts in 2009, picked up a few stragglers in 2010 and is now 100% image-based. “We’ve been getting the files earlier,” Graves says. “Now we’re delivering the data earlier.”

Comments

Advertisement. Closing in 15 seconds.