Transaction Banking/Cash Management
A large
part of our corporate relationships require expedited collection and processing
of receivables and payments, lowering administrative costs and reducing time
spent on reconciling account statements.
Transaction
Banking/Cash Management provides a wide range of value added services to
corporate clients through the bank’s vast network of online branches.
Structured and optimised products enable customers to realise their sale
proceeds swiftly from across the country, supported by a real-time Management Information
System.
Alfalah
Transact is an electronic platform which enables Corporate, Middle Market
and SME clients to securely prepare their payment and transfer instructions in
real-time to the bank. Banks can receive these instructions securely and can
process it electronically after due validation and verification with
convenience, security and cost efficiency. In addition, Alfalah Transact will
be made available to Alfalah Bank’s corporate and commercial clients.
Product Description
The
following suites are offered: Collection and Payment suites
Collection Suite:
The
following features are offered:
·
Over-The-Counter
Dealers
of Transaction Banking will be able to deposit cash directly into the client’s
Collection Account. Dealers/agents will be able to make the deposit at any
branch of Bank Alfalah.
·
Instrument
Collection over the counter
Dealers/agents
of Transaction Banking clients will be able to deposit instruments
(cheque/Payment Order/Demand Draft) directly into the client’s Collection
Account. Dealers/agents will be able to make the deposit at any branch of Bank
Alfalah.
·
E-Collections/Corporate
Business to Business Collections
Dealers/agents
of Transaction Banking clients will be able to transfer funds from their
accounts to their respective client’s Collection Accounts through Bank
Alfalah’s web-based Alfalah Transact portal.
·
Access
to Statement of Accounts (View Only)
All Transaction
Banking clients will have access to their statement of accounts through the Alfalah
Transact portal.
·
Utility
Bill Collections
Clients
will have the option to pay their utility bills through Bank Alfalah’s branches
across Pakistan, which are reported online through the web equipped access
given to the client.
·
Cash/Cheque
Pick-up and Delivery
Transaction
Banking clients will be able to get their cash/cheques collected from their own
premises by placing an online request through the web equipped platform. This
will be provided using courier and CIT (Cash in Transit) companies.
Payment Suite:
The
following features are offered through the Alfalah Transact payment
platform:
·
Corporate
Payments
Transaction
Banking clients will have the facility to make payments through Alfalah
Transact for various transactions including account to account transfer,
Inter Bank Fund Transfer (IBFT) payments, Real Time Gross Settlement (RTGS),
cheque issuance and generation of payment orders.
·
Bulk
Disbursements
There
is a facility within the Alfalah Transact platform for bulk
disbursements which aims to make the payment process simpler and more
convenient.
·
Vendor
Payments
Bank
Alfalah’s Transaction Banking platform allows vendor payments to be facilitated
through a number of transactions listed above.
·
Cash
over Counter (CoC)
Transaction
Banking also offers Over-The-Counter cash disbursement. This is done by sharing
the beneficiary’s details on the Alfalah Transact portal including a
transaction specific X-pin which is system generated. The beneficiary then
proceeds to any of the designated Bank Alfalah branches with the X-pin along
with the original CNIC.
·
Account
to Account Transfer
The
Transaction Banking client has the ability to benefit with electronic account
to account transfer using the online portal within the Bank Alfalah network.
·
Cheque
Issuance/Printing
The
Cash Management platform allows cheque issuance to be initiated electronically
with an option to have the cheque printed either at the customer’s premises or
at designated Bank Alfalah’s branches. The client’s authorised signatures are
digitally scanned and these are printed on their respective cheques.
·
Payroll
Processing
Using
the bank’s Transaction Banking platform, the clients also have the ability to
disburse their payroll using the bulk file upload module, assigning
beneficiaries and associated amounts for payments.
·
Payment
Order Issuance
Bank
Alfalah’s Cash Management clients have the ability similar to cheque
outsourcing to print Payment Orders at designated Bank Alfalah branches by
executing these instructions online.
·
Inter
Bank Fund Transfer
Transaction
Banking clients also have the ability to make IBFT payments online through 1
Link integration of the platform.
·
Real
Time Gross Settlement
RTGS
transactions are initiated online by the client to carry out Transaction
Banking Operations. This request is further processed by Transaction Banking
operation officers by reporting it to Treasury operations which then liaises
with State Bank of Pakistan for financial entries.
Comments