PRAVEX BANK HAS LAUNCHED A NEW SERVICE FOR MANAGING MONEY TRANSACTIONSadmin
PRAVEX BANK offers its clients a new service https://www.pravex.com.ua for managing the liquidity of companies – Automatic concentration of funds on the Master account. The service also includes quick and convenient adding of new accounts for automatic transfer of funds from a specified group of accounts to the Master account of the parent organization (company).
This service was implemented on the basis of the Oracle Flexcube core banking system, which does not have such functionality as standard. The functionality was designed and developed by DATAS specialists in close cooperation with banking specialists and incorporates the practice of leading European banks.
The new service will be convenient for companies that have a network of branches and structural divisions, a network of subsidiaries, or are formed on the principle of a holding, and who wish to combine their accounts into a single system. This service provides an opportunity to combine all accounts into a single group and set up automatic transfer of funds (positive balances) from additional accounts to the main account during an operating day with a specified frequency.
This system has significant advantages. Some subsidiaries have temporarily free cash until the end of the working day, while other subsidiaries are forced to obtain short-term bank loans to cover cash shortages. The system of automatic concentration of funds minimizes the need for additional short-term loans, and, consequently, the costs of obtaining them and paying interest. In addition, the system simplifies accounting for the movement of funds within the group and provides the company’s management with operational information about it.
PRAVEX BANK consistently implements modern liquidity management products for corporate clients in order to provide quality service and satisfy clients’ needs. It should be noted that in international practice, the automatic concentration of funds has long been used by large corporations as an effective tool for optimizing the cash flow management process.