The Philippines-based bank, Banco De Oro Unibank (BDO), is making its cash management service more accessible and convenient for micro businesses and small and medium enterprises (SMEs) through a bundled product consisting of payroll, cheque disburse and corporate internet banking.
For just maintaining an account average daily balance (ADB) of at least Philippine peso (PHP)500,000 (£6,977.58), business owners can use the three products, which are the basic needs for smooth and efficient cash flow operations.
“All the entrepreneurs have to do is open a peso or chequing account and maintain an ADB of at least half a million pesos. We will also ask them to accomplish a data sheet, sign the memorandum of agreement and submit either a board resolution or secretary’s certificate,” said Edgardo Marcelo Jr, BDO’s vice president for cash management services.
The payroll product – regular savings account or cash card – enables the enterprise to prepare its payroll automatically, which BDO can deliver in a safer and more convenient manner. The cheque disburse, on the other hand, allows the business to prepare, manage and print large volumes of cheques for quick and easy disbursement. In addition, corporate internet banking provides instant access to the businesses’ funds via online banking transactions in the comforts of one’s office. These transactions include checking of account balances, uploading of payroll, transfer of funds to a third-party account, payment of bills and settlement of Social Security System (SSS) and Bureau of Internal Revenue (BIR) fees online.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more