Payment Disbursement Services enables the migration of payments to an electronic process and provides a choice of payment options and information delivery methods tailored to each company's business needs (in either Canadian or U.S. dollars).

Features

Payment Outsourcing Option:

• Automates the creation of the cheque issue file
• Automates the disbursement of payments through a single process that accommodates Electronic Funds Transfer, EDI, US ACH payments, Wires and/or Cheques
• Accepts one payables file, supporting multiple payment types in a single file format
• Delivers remittance information by fax, email, EDI or mailed advice in either English or French
• Supports multiple paying divisions and legal entities within a corporate group
• Allows for the submission of Canadian and U.S. payments with various due dates (payments can be postdated for up to 35 days, wire payments up to 45 days)
• Enables printing and mailing of cheque payments same day or up to nine days in advance of the settlement date
• Provides file acknowledgments electronically in an EDI format, via fax or email
• Accommodates the transfer of files through a wide variety of communication options

Payment Origination Option:

Benefits

• Increases control of payment timing and accurate cash flow forecasting
• Increases security to help to reduce the risk of fraud
• Improves efficiencies through streamlining of payment processes
• Reduces clerical work and error through implementation of automated processes
• Provides a choice of payment options and information delivery methods
• Eliminates the need to create a cheque issue file in isolation and satisfies Positive Pay and Payee Match requirements (where applicable)
• Reduces or eliminates the cost associated with cheque production, delivery and reconciliation (where applicable)

For more information contact a Relationship Manager at the Commercial Banking Centre nearest you.