A commercial online banking system can be an effective tool for managing liquidity, adding efficiency and reducing risk exposure. The key when using any such platform is to take advantage of all it offers.
The best way to do that: Work with your bank to customize your online experience.
Understand all your system can do
The first step is understanding all your system’s capabilities.
Typically, online banking systems offer balance and transaction reporting — so you can see what checks are clearing and your account balances — plus the ability to move money between accounts. But what else can your platform do?
Can it support other needs of your business, by allowing you to initiate wire and Automated Clearing House (ACH) transactions, deposit checks remotely and manage commercial loans? Will it enable you to do all these things from a mobile device?
And what safeguards can the platform provide to protect your accounts and transactions?
Regularly talk to your bank’s treasury management specialists about how your online banking platform can make your evolving financial operation more efficient and secure.
Tailor the platform to your needs
A New Orleans-based restaurant group with eateries in New Orleans, Metairie and Lafayette has been working with Hancock Whitney to customize its banking experience through our Treasury Manager online platform. The company is a great example of what can be accomplished by partnering in this way.
The business came to us looking to mitigate risk after experiencing thousands of dollars in check fraud. In consultation with our bankers, the company decided to adopt our Positive Pay service, which allows it to regularly send us information about the checks it issues and have us match those against checks presented for payment. To use the service and communicate timely pay-or-return decisions on unmatched items to us, the company upgraded from our small business online banking system to our more feature-rich Treasury Manager platform.
Soon the restaurant group was talking to us about using Treasury Manager to meet other needs. For instance, the company now sends ACH payments to vendors through Treasury Manager, eliminating check reconciliation work, saving on postage and further reducing check fraud risk.
Control and security
A platform like Treasury Manager enables users to customize access to account information and transaction capabilities by individual. This allows a financial manager to automate more treasury activities by giving tightly controlled access to more associates, with each team member having a home page that allows them to customize their experience to save time and effort.
The New Orleans-based restaurant group is using this control to provide online access to certain account information to its CPA, which can now regularly update the company’s books rather than only after receiving a paper month-end statement.
Ask about all your platform’s control and security features. Treasury Manager, for example, employs multiple layers of security, including the ability to establish alerts — for instance, to let you know when a transaction exceeds a certain amount. Users can also download an advanced protection solution for free that defends against financial malware.
Leveraging mobile capabilities
Some online banking platforms come with mobile apps that enable owners and financial managers to perform treasury tasks when they are away from their computers.
The ability to conduct banking business with a phone or tablet is helpful when managers are traveling or away from the office for any reason. For instance, more than one client has told us they’ve enjoyed using the Treasury Manager mobile app to approve payments from the parade route during Mardi Gras.
Want to learn more about Treasury Manager and how it can help you do your job better? Contact your Relationship Manager or Treasury Specialist at 1-866-594-2304.
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