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Union Bank to offer DST deposit tracking to corporate customers

28 November 2011  |  1964 views  |  0 Source: International Financial Services

Union Bank, N.A., today announced a new service to help corporate banking clients maximize the efficiency of their retail deposit process, allowing businesses to use online tools to track and reconcile bank deposits typically made from retail locations.

The bank has partnered with International Financial Services, Inc., a leading firm specializing in web-based solutions for financial and retail services, to offer its deposit tracking platform called the DTS® System. Treasury Management clients use the DTS® System to access a comprehensive view of their deposits for all stores in a single reporting platform.

"As part of our continued development of cash management products for our corporate clients, Union Bank aims to enhance its product suites through its relationship with International Financial Services, Inc., and the DTS® System," said Don Gilmore, senior vice president and head of product management and product development. "We continue to invest in new technologies that bring value to our clients and help them manage working capital more effectively."

"We are very pleased to be working with Union Bank to deliver the many benefits of the DTS® System to their customers," said Lou Salafia, president of IFS Services. "Union Bank has a track record of innovation in the cash management field and their deployment of the DTS® product further emphasizes this commitment."

The online system allows clients to track deposit packages from creation at the store to pick up and delivery to Union Bank. Clients may see a significant reduction in deposit adjustments and exceptions while gaining greater control over store and carrier operations. DTS® reporting capabilities enable clients to view an extensive array of reports to expedite reconciliations. More than three dozen such reports monitor deposit activity across the enterprise, including deposit posting, adjustments, employee performance, armored car service-level performance, and bank service-level performance. The intuitive reporting application lets users download reports to the desktop for analysis and distribution.

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