KeyBank expands cash vault and wholesale lockbox networks
13 October 2006 | 2163 views | 0
KeyBank Global Treasury Management announced today the nationwide expansion of its cash vault and wholesale lockbox networks. Both networks have now increased its respective presence from regional to national.
Key's cash vault network has expanded to include more than 70 sites in 36 states, plus Washington, D.C. and Puerto Rico. The industry-leading wholesale lockbox network now consists of 12 strategically positioned sites throughout the country.
The expanded cash vault network allows clients to collect deposits at any time within the new network. The cash vault sites process both cash and checks electronically and then transmit them directly to Key for processing. This improved functionality makes Key the first bank to offer check image clearing at a cash vault location. Each cash vault site is able to support deposit processing, currency and change order preparation for the bank's clients.
Users of Key's expanded national network of wholesale lockbox processing sites will now be able to access funds sooner. Key already has a coast-to- coast presence in wholesale lockbox with processing locations in Albany, N.Y.; Cleveland; Cincinnati; and Tacoma, Wash. The enhanced network includes additional sites in the country's top processing cities including Atlanta; Chicago; Dallas; Boston; Los Angeles; Pittsburgh; and Philadelphia. Additionally, the wholesale lockbox network fully integrates into Key Total Treasury, an on-line system that allows individuals to manage treasury management functions in a secure web environment.
"The expansion of both our cash vault and wholesale lockbox networks is a testament to our commitment to serving our clients," said Annette Hazapis, director of product management, KeyBank Global Treasury Management. "This nationwide service positions us to serve our clients through more locations and to continue to strategically grow Key's presence throughout the country."